Banks and the stimulus bailout.

I really think we ought to let the damn stupid banks go under. I was watching the Early Show the other morning and they had a group of people on from Florida who’s home were repossessed or in the process of being repossessed. One guy said he paid 270 thousand for his house and it was now worth 60 thousand. That’s freaking pathetic and makes me wish I had enough money to buy up some of these houses.

There was another woman on who’s house had been repossessed and she owed approx 200 thousand on it. She had two offers to buy the house before it was repossessed and the bank turned them both down. One offer was for 105 thousand dollars. Guess how much the bank is now offering the house for sale. 40 thousand. So even tho the 105 thousand may have been a loss it’s 65 thousand better than what they are going to get now.

Makes you wonder how the dumb bastards stay in business doesn’t it. Oh wait, they aren’t staying in business are they. The need large sums of govt money to continue with their stupidity and our wonderful govt gave it to them. Sheesh, even the govt isn’t as dumb as the banks and that’s saying a lot.

Dumb asses lent money to people they knew weren’t capable of paying it back and then they aren’t even smart enough to cut their losses. Nope, they rather lose another 65 thousand just because they can with the help of the money they got from the govt. Now who the hell benefits from that except the bank? Certainly not the homeowner and they are the ones that need the help.

Hmmmm, maybe our govt. isn’t as smart as the banks.

Of course it all goes along with what the republicans allow and you can see what I think of the republican agenda as someoone else stated it so well.

I was of the opinion that we really need to help Wallstreet, the banks and automakers but now I’ve moved towards thinking this was not such a great idea. It’s a free market and they tried to cheat so let them go under. All of them. It’s a great lesson for the next time it happens.

I guess we set a bad precendent when the govt. bailed out Chrysler the first time. At least they paid it back. There’s little hope we as taxpayers will ever get any of this money back.