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[workingproject]

I'm getting really pissed off at the federal government.  Bush apparently just asked congress not only to allocate $0.7 trillion for bailouts of businesses, but also to raise the debt ceiling to $11.315 trillion so he can still spend all the other money he's...not collecting.  Seriously, we're planning on spending more than 11 trillion, 11 trillion

Comments

[nicoli_dominn]

I think the reason the government is bailing out those lenders is not only because they don't want the economy going down any further, but because those who took out loans from those companies are going to go under. Perhaps the government is looking at some major businesses that could collapse as a result of their loans suddenly drying up.

I definitely agree, however, that there should be people within certain tax brackets who need to be left out of the government's mess. Like me. Oh hell yes.

And also...I think debt should be a required course taught in all public and private high schools, right around the age where a lot of people are thinking about their first loans, whether they be credit cards, cars, or college loans. I think people simply don't understand what it means to have credit, and they don't know how their credit scores can affect them. They don't know how much of a risk it is. And then they get themselves into huge messes and wonder why...

[workingproject]

I see what you're saying about the businesses and individuals that took out loans. I agree withing reason, and there's a solution. When a bank goes under, it's forced to sell off its outstanding mortgages (those not yet fully collected upon) in what amounts to a firesale. So basically, the individuals or companies that took out the loans have all the money (or whatever they bought with that lent money), but now they just owe it back to a different entity. That's what the fed did with Fannie Mae and Freddy Mac (or however they're spelled