WTH?

Odessa
Okay, I AM NOT a financial wizard! But WTH? a 700 BILLION dollar bail out to failed lending institutions? Because THEY were financially irresponsible? Hmmm...I would like to see a dollar for dollar accounting of where every bit of the 700 Billion goes. If I am forced to help pay for this fiasco, I want to know where in the hell my money is going.

I don't know about you, but when I get behind in a bill or forget to pay a bill, I don't have someone there to bail me out, do you? When I am financially irresponsible I have to either a.) pay the consequences or b.) get myself out of it. So why in the hell are we bailing out these lending institutions? Could it be mis-management in the very largest scale? Giving loans to those who don't really qualify? Creative financing that the banks had to know would not get repaid? I mean really...back in 1999 Fannie Mae and other lending institutions relaxed their lending criteria so more Americans could own homes. I am betting 95% of those people have defaulted on their mortgages. And just who in the hell thought that by giving away loans (that is basically what I feel they did) that the recipients would pay it back? Come on folks...
Again, I ask the question, why in the hell are we having to pay for this? I am ready to join what ever grass roots movement there is to stop this...only it was sprung on the American people and our damn government says there is NO TIME to fix it unless they get the 700 billion NOW! Sounds pretty fishy to me. How could they NOT know? They definitely know if you don't pay your taxes, so how in the hell could they miss this big mistake?

I know a lot of you know more about high finances than I do...can you explain this to me???? I have a call into my broker, however, he hasn't returned my call in 4 days...hmmm, should I worry? And my bank, WAMU is gone...I guess I now bank at JP Morgan Chase. And Wachovia is falling to Citigroup...how much of the 700 billion will they get?


Any replies, rebuttals? Again I say WTH? And don't get me started on people who bought houses at an inflated rate, then defaulted on their mortgage and are now crying in their beer...............