Are we being stiffed? Again?

@Arkie69 (2156)
United States
September 30, 2008 7:10pm CST
For some time now I have had the feeling that something just doesn't sit square with the world concerning our economy and the fix the Government is pushing for. I got part of the answer to it tonight on my local news. They were talking about the different kind of banks. It seems there are Investment Banks and Commercial Banks. Commercial Banks being the one the average person on the street deals with. The Investment Banks being the ones the big money people deal with. My local news said the Commercial Banks that we deal with were as solid as they ever were and were not even effected by the credit crunch. This is what I have been getting from my local banks. The Investment Banks are the ones in trouble for the simple reason they have made too many high risk loans to the people that have made all these bad home loans. People like Freddy and Fanny and the other banks we have been hearing about that are in trouble. One man was on CNN today that made the statement our government would have to borrow that $700B from these crooks and then give it back to them. That is what the government is calling a bail out and trying to convince the public if they don't do it the world will fall apart. They have said the government will even make a profit on this $700B. How in the world are they going to make a profit if the borrow money for a high interest rate and the loan it back to the same crew at a lower interest rate. You can bet that is exactly what they do. Listen close for this.
1 person likes this
1 response
@taface412 (3176)
• United States
1 Oct 08
This $700B is going to be our responsibility to pay. On top of the trillion dollar debt we already have. And if there is a "bail out" and we taxpayers pay this bill for the government (who with or without our votes got into the government in the first place) the value of our dollar will become less than it already is. I am not so glad this is actually happening, but I am very glad that this is happening during an election year, especially one I am following. And thank you for posting this about the differences between the banks. I knew they were different, but this helps me understand it better.
@Arkie69 (2156)
• United States
1 Oct 08
Thanks for an intelligent reply. You bet we the tax payers are the ones that will pay this back. We are the ones that always foot the bill for anything the government does. As always we will be the ones that will be hurt the most. Our people in Washington must be totally convinced the American People are complete idiots. If they were not they wouldn't try to pull things like this. This is a very good example of how the government solves our problems. They try to solve our problems the same way they mow the White House Lawn. They go out and clip the top off the grass and leave the root in the ground to grow back and be mowed again over and over later. They are just clipping at the top of our problems. They need to get down to the very root of the problems and kill it out. These big loan companies that have made all the bad loans on homes are the root of this problem and to get rid of this problem and stay rid of it you must destroy the companies that caused it. Wall Street needs to go too. I'll get off my soap box now.