I think most of America on both sides of the political isles are in agreement on this one. We are sick and tired of government bailouts and the CEOs and executives running these businesses into the ground walk away with the "golden parachutes" while at the same time asking the taxpayers to fix the mess they leave behind.
I have another beef with this mess. Has anybody else been noticing for the last several years the advertising "no credit -- bad credit - no problem, we'll get you the loans you need!!!"? I have been complaining to my husband for years that there is no way a business can stay in business by issuing bad loans. These companies spend thousands of doolars on paper and postage sending PREAPPROVED CREDIT CARD APPLICATIONS to everybody and anybody, job or no job and sometimes to minor children; I know this because my son received a pre-approved credit card application when he was only fifteen years old.
Come on!! Are we all really shocked that so many of those people with bad and no credit defaulted?? The mortgage companies were deliberatly marketing to high risk clients.
Really... No job - no problem! No credit - no problem! They offered loans and credit cards to anyone with a PULSE.
I am no business major, but you don't have to be one to see that this was a disaster in the making.
I hope that every person that is tired of this ridiculousness will contact the legislators in his or her state and ask that before they go ahead with this bailout, some serious restrictions need to be put in place regarding the marketing and the criteria for loan approval, not to mention the rich ride off into the sunset by the executive that ran his/her company into the ground.
The Most Beautiful Act of Compassion
3 years ago