Upcoming Foreclosures

Should the government bailout borrowers in danger of foreclosure? What about the people already foreclosed?

http://biz.yahoo.com/nytimes/080223/1194749714355.html?.v=14 What are the risks to the U.S. economy if the government does pass $739 billion onto taxpayers in order to rescue the banks and the borrowers who have been burned on interest rate speculation? If you already foreclosed and the government tells you tough luck, would you go crazy?

Public Comments

1. I think those that actually did the "lending" should handle this mess. I, being a tax paying citizen, do NOT want to pay for such a bail out.
2. Its sad that people are going to lose there homes, but unfortunately this is going to happen. I disagree with the country bailing out anybody, including companies, who are unable to meet financial obligations. I understand there are mitigating circumstances in which we would have to get involved, but besides those few instances we shouldn't use taxpayer money for this.
3. No, it is past due to let people that screw up suffer for it.
4. What Big Dave said. Prosecute the crooks in the deal
5. it wasnt just the poor American Citizen "deadbeats" that were out upgrading to nicer crack houses~!!! their are areas in Chicago and other high end parts of towns that the whole middle class population has left their homes~!! and these are the ones that if Bush and his administration let them go down the drain, well he might as well get a n extreme mkeover and move to Dubai~!!! they wouldnt even be battin an eye if it wasnt for the middle class downfall, he dont have no respect or gives a crap about the poor, ask Jeb Bush~!!!
6. No. As soon as the government gets involved it will last twice as long and be twice as bad.
7. The banks and mortgage company's brought this on themselves. I say close the banks and give the money back to the people.
8. No, by stealing money (through borrowing or inflation) to pay off the banks and keep them in business, the government will just be rewarding the poor lending decisions these banks made for so long. It was the easy credit and federal bailouts that created the housing bubble and fed it to become as massive as it did. Just pouring more inflation and credit into the system will not solve the problems. Also, inflating the money supply will just drive up prices for other goods in the economy. Homeowners already struggling to feed their children, heat their homes, and keep their cars full of gas will not be able to keep up if food and energy prices keep increasing. Stealing money from these people will only push them closer to their own foreclosures. So a bailout of the banks might keep them in business for a little longer, but the bailout will create the conditions that lead to the next waves of foreclosures. You can't just steal the purchasing power away from average people and expect them to be able to keep their heads above water and keep consuming. Essentially, with all of the voluntary programs that the government has already come up with to "solve" the foreclosure crisis, they have told homeowners "tough luck." Banks get direct injections of billions of dollars, and the Fed offers to take their defaulted subprime mortgage securities as collateral for new loans. Homeowners get voluntary programs that are offered by only 6 lenders who are not required to do anything to help. So this problem will only keep getting worse before it gets better. Good luck. ForeclosureFish