Originally Posted by McBear
As for personal responsibility, note I have not said a word about bailing out flippers or spec buyers, developers or even those who use their home as an ATM. Only folks I have EVER suggested be given a hand is that group that were on the receiving end of predator lending practices that targeted mostly poor, uneducated folks that trusted banks and were unable to understand what they were getting into [not understanding ARMs and Balloons etc]. It is a small but significant part of this debacle.
The whole point of starting this thread was that Tax Payers should not be forced to bail out either the banks or the home owners. Why should those that were responsible in this country help out those that were not? Why should everyone look to the government everytime anything goes wrong?
In those cases there was predatory lending involved settle it in civil court. Let the home owners sue the banks, mortgage companies, brokers, etc. But don't have the tax payers bail out these people.
First, many of the banks, mortgage companies that were involved in the predatory practices are either out of business [254 as of today] and many of those folks that were pretty much cleaned out and are now beyond broke. Not many lawyers looking for onesie, twosies on this. Until the feds investigate, determine who did what to whom, it is an open switch. And if most of the companies are without assets, it would make those victims SOL. And SOL is not very fair to them when our Government [Federal and states] DID fail to regulate the folks they were suppose to be regulating.
Unfortunately, by electing a President and Congress that decided that DEREGULATION was "way cool" and Biz could just take care of itself and let everything run on that "booming economy", the TAXPAYER now has a responsibility to clean up the shit that those policies caused, just like they are cleaning up the Financial Sector. [and Saving and Loan and HMOs in the late 80s].
But those folks are not alone. We, as taxpayers will also be paying for the Deregulation screwups of the Airline industry for the next decade or so.