A CORRECT view of the BAIL OUT!!!?
I invested $ 50,000 with a company back in 2003….USA Capitol. It was mortgage related first deeds of trust. Maximum loan to value, 65%. All secured by 1st trust deeds. Well, for three years I received about $ 13,477 in interest payments…..In April of 2006, they filed for BANKRUPTCY……I still had over $ 36,000 in principal owed to me not to mention the interest. Since April of 2006, I have received $ 904.00 back on my principal. Pennies on the dollar Mortage Backed Securities……This is what our government wants to spend 700 Billion dollars on. On top of the Economic Stimilus $ 150 Billion, which went from each taxpayer who received their check straight to the oil companies, or utility companies. Then we add the 85 billion dollars for AIG’s bailout, etc, etc, etc. I am up visiting a friend in the Atlanta area….She has 5 ducks and a goose. As we all know geese and ducks make a lot of noise when they are hungry….Every morning when I go have my cigarette outside, they start making noise….I throw them some corn, and they quiet down. I was thinking, this sounds awfully familiar to what is going on right now…..Lets have the goose take the role of the president, and the troubled finacial instutions be the ducks, they are screaming for their morning corn….(money)…..and congress is the corn, (the money), they eat…… They quiet down, but they always want more, and more. And no matter how much you feed them, they still make noise. I am adamately opposed to this bail out, or financial rescue. 10,000 houses per day are going into foreclosure in this country because of the criminal acts of Wall Street investment firms. We need to immediatly help every American who is facing foreclosure, by keeping them in their homes regardless of the cost. The value of the securities which the government wants to purchase are worth as much as my investment in USA Capitol. PENNIES ON THE DOLLAR. I will never see my princpal returned to me, so why should we expect the government to see a return on their 700 billion dollar rescue plan? It is time for a serious reality check here, and help the Americans who are the backbone of this country, the ones who own their own business, the ones who got screwed on the what they thought were fixed rate loans, that have mysteriously turned to ARM’s. What has happened to the people or firms who did this? Nothing. Call your congressman, all of them who live in your state of residence, and let them know how you feel. Let your voice be heard. These will probably be the most important phone calls you will ever make. Tony K