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Originally, I supported the bailout plan. But the more I hear, the more I learn, the more I don't like it.

I found a great article that explains how the mess started and just what is involved. It was very interesting reading and may be the final blow to any support I have for the bailout.

http://www.reason.com/news/show/129158.html

What about you? Has anything you've heard or read caused you to rethink your support or opposition to the bailout?

Answer Question
 
kaycee14

Asked by kaycee14 at 3:31 PM on Oct. 1, 2008 in Politics & Current Events

Level 6 (129 Credits)
Answers (5)
  • my dh and I have always followed politics so the economic crisis we are currently faced with comes as no surprise to us, or just about everyone we associate with.

    This is why elections and studying American history need to be taken so seriously....who you vote for could very well make or break this country, and history has a tendency to repeat itself if you don't learn from your mistakes! Think about the kind of world you want YOUR children and grandchildren to live in.

    I'm glad you've read up on the cause of all of this, and understand who are REALLY to blame! Please tell everyone you know who plans to vote to do the same. Ignorance has no place when it comes to casting a vote.
    LoriKeet

    Answer by LoriKeet at 4:17 PM on Oct. 1, 2008

  • I am a very intelligent person, but I got duped by unscrupulous lenders and I am paying the price. The mortgage broker explained the interest only mortgage incorrectly as 1.25% interest for the life of the loan (3 years). At that rate we would have been able to pay more on or mortgage and get it paid down. I had my doubts, but talked to other people and did research on it. We signed and made the first two payments. Then I got a letter saying our rate was going up to 7%. I called and found out the 1.75% was only for the first month. We were locked into our mortgage for 3 years. The rate went all the way up to 8.75% (well above the standard). I would have never signed if I had know that. We ended up owing 50,000 more at the end and our payment doubled. The broker went out of business so we can't go after him. This is why there is a crisis and we need a bailout plan for homeowners, not Wall Street.
    sammygrl77

    Answer by sammygrl77 at 4:37 PM on Oct. 1, 2008

  • And I do agree that it is my fault for not getting an attorney to check over the paperwork. The person who set me up with the mortgage was a trusted family member. Lesson learned. My point was that I know how these companies get people to fall for the products. Big promises, big lies... there needs to be a lot of regulation with financial companies.
    sammygrl77

    Answer by sammygrl77 at 4:59 PM on Oct. 1, 2008

  • Good for you. There are many people trying to give good advice but it is market based and the Dems will have none of it. The truth is we don't have to spend this money that our kids will have to pay for. Unfortunately the Dems in control of both houses will never let them be considered.
    itsmesteph11

    Answer by itsmesteph11 at 5:01 PM on Oct. 1, 2008

  • i dont like it either. we are going to be fucked either way. at least we can put the ginormous corrupt evil companies out of business while the rest of us suffer. time to let the little guy have a chance again.
    teri4lance

    Answer by teri4lance at 5:11 PM on Oct. 1, 2008

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