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Trillion dollar bailout unfair

Posted: October 4, 2008 9:31 p.m.
Updated: December 6, 2008 5:00 a.m.

The government has put the taxpayers on the hook for a trillion dollars.

We are paying for the big shot Wall Street corporate managers who have misappropriated, misused, poorly managed and probably stolen from their stockholders. When the CEO of a failing corporation takes a $50 million bonus, something is wrong.

One of the big hangups Congress has now is how much the CEOs of these “bailout” corporations are supposed to be paid.

I run a business and if it fails, I get nothing, and if someone offered to bail me out, I would not expect any salary until the company was solvent again.

The second part of the “bailout” is to shore up failed mortgages and save the homes for people who cannot pay a mortgage that they should never have taken.

The first house we owned in California cost $18,000. It was a little two-bedroom in Sun Valley. We traded that for a three-bedroom in the same neighborhood, sold that and bought another, sold that and bought another, sold that and rented while we built a house.

When that one was sold, there was enough money to make a down payment on the five bedrooms where we raised our family and that we still own.

When we were buying houses, my wife’s salary could not be used to qualify for the loan — only mine.
First-time buyers today are jumping into half-million-dollar houses, which they can barely afford with two salaries. When the taxes come due, there is not enough to pay all that is required.

Now we, the taxpayer, are being asked to bail them out. It is just not fair.

The mortgage lenders are as much at fault as the borrowers. A lot of fraud was committed in selling these loans to unsuspecting buyers.

George W. is leaving a great legacy. We are in a trillion-dollar war that we cannot win and now he has committed a trillion dollars to bail out Wall Street and the housing industry.


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