We asked about the bail out of the financial markets.
What really bothers me about this bail out is what the American people are not being told. How bad is our economy? What would happen to those banks if there were no bail outs? Would those who are current on their mortgages loose out if the bank goes bankrupt? What is really going on with our economy? -- Angela, Chula Vista
The current financial crisis on Wall Street stems squarely from the fallacious political rhetoric that every American--regardless of credit worthiness--deserves home ownership. Anyone who understands the banking industry will recognize that the government's enabling of bad home loans via Fannie Mae and Freddie Mac engendered the blight that has struck numerous financial institutions. The main condition that needs to be applied in any government bailout is a pledge NOT to interfere with the free market. The free market did not fail us; government meddling did. -- Lawrence, San Marcos
We need to legislate ourselves against ourselves. Congress should only allow lenders to lend on 3 different products, 15 or 30 yr fixed or the 1 year ARM. No other exotic loans like the option ARM which is the root cause of this mess. Greedy lenders, ignorant borrowers and now this is what you have. If we don't do this, perhaps we should let the market collapse and shake up our economic culture and ! start over. We are our own worst enemy. -- Richard, Carlsbad