Bail Out!

So, they've bailed out the mortgage guys. Good ridance I say. Booted out the bosses & left the shareholders with nothing. We'll have to how much this costs you & I, but I suspect that it will be less than if they'd left the culprits in charge.

Now I'll be very interested to see what Barak & John have to say about this. In fact I'll be very interested to hear their solutions to the whole mortgage mess. Do I suspect that Barak will want to spend even more money 'helping out"? Yes, I do. Do I expect the John will dither? Yes. I do.

My answer? Let those who took out loans they knew they couldn't repay and those who used their home equity like an ATM pay the price. If you do stupid thing with your personal finances you should pay the price. If you let some idiot talk you into a stupid loan then you deserve what you get.

Negative equity is only important if you want to sell. Stay put, struggle & make your payment & in the longer term you'll be OK.

My regret is that so far I haven't come up with a way to punish the financial community who led everyone into this mess simply to line their own pockets. I'm open to ideas.