We apparently have a bailout for our national financial mess! The Associated Press reports should be quickly passed by Congress.
Reaction around town from business types to the news …
> California Mortgage Bankers Association: “While no piece of legislation or program is a silver bullet the federal proposal would be a positive step forward toward the goal of restoring confidence in the nations credit financial markets. It is essential that any proposal protect taxpayers and we are pleased to see that the latest version makes that a priority. We will continue to monitor the situation as further details emerge in the coming days. The credit crisis is in many ways a crisis of confidence, and it is critical that we restore that confidence in our financial institutions. It is heartening to see Congress, regulators and the Administration working with that in mind.”
> Lender/radio-show host Norm Bour: “The bailout proposal will NEVER be embraced or rejected by everyone uniformly, and it will be a very mixed bag based on knowledge, experience and degree of comfort in the government’s ability to do the ‘right thing.’ The majority of people that have spoken with me about it are opposed to the current structure and many would rather those that lived by the sword, die by the sword. The RTC system (Resolution Trust Corp., that managed failed S&L assets) in the early nineties proved to be a fairly successful model and I think we should learn from our good and our bad experiences.”
I have very mixed emotions as I sit here on a Sunday watching the news instead of a football game. On one hand it is probably the best for the economy and on the other I resent the fact that all the banks and companies that will be bailed out along with the CEO’s all made their millions and billions from making the bad loans and selling the BAD securities so why do they not give back all the money then we will not need the bailout? Same reason the homeowners who are facing foreclosure do not give back the money they made when they sold or refinanced all the properties they took loans out on. They all spent it on the high life. It was a pyramid of greed and selfishness that came crashing down!
Lou Pacific
Real Estate and Mortgage Company Consultant
Serving OC for 30 Years
If we can get consumer confidence back again and get the lending community back in business we might get out of this recession before it becomes a full scale depression. Hopefully this bailout will do it?