patrick.net

Ryan says

Bob2356,
Here’s a harder moral issue for you:

Is it morally ok for you (personally) to forcibly throw a family out on the street because you can?

In a heartbeat if they trashed my house. I'd file charges too. We are talking adults here not 15 year olds.

What ever happened to personal responsibility? I'm sick of hearing about the poor people who were taken advantage of by the greedy banks. No one held a gun to anyone's head and forced them to take a no money down 105% mortgage for 500,000 with a 50,000 income. A large percentage were gambling and lost. Now want someone else to bail them out. Didn't anyone ever learn not to gamble with money you can't afford to lose?

The banks are just as bad. Oh my God the world will end if we didn't bail out the banks. BS. What makes banks so special that they couldn't have gone into bankruptcy like anyone else. Business continues, just under protection of the court. The good parts of the business are sold off. The bad parts are dissolved. The stockholders and bondholders eat the loss.There my friends is the rub. Follow the money. Who are the bondholders? Mostly foreign governments and sovereign wealth funds. The same people who are financing the operations of the US government by buying insane amounts of Tbills that are eventually going to be worthless anyway. Oops, can't let them eat it or they won't buy any more tbills. That would be end of the world for the US government. The bailouts are the greatest fraud ever perpetuated on the American public in the history of the republic.

bob2356 says

What makes banks so special that they couldn’t have gone into bankruptcy like anyone else. Business continues, just under protection of the court.

Read my statement above! Bankruptcy for a bank wouldn't work... so what happens to the funds on deposit by the public and other entities, like your employer who pays his payroll and vendors from the funds in the same bank. Ho hum! banks go under and ho hum everything goes like any other day... Jez! get real!

elliemae says

Why in the world would you put an accountant in charge of a program that involves money?

Instead of laywers, maybe we need accountants in Congress and State Gov'ts!

OK here comes the firestorm!

@ellie,
that is exactly why I (and just enough other conservatives) voted for Perot. We needed a money stud, not a political pud.

Okay on the chandelier, but should they take it and not replace it with the first one? Built-in dishwashers that come with the home - okay to take? If you replace a light switch, does that mean you can remove it and leave bare wires? Garbage disposal? Does this mean they can peel the paint off the walls (I'm reaching here). IF they built a patio on, can they take it? What if they planted flowers, can they dig 'em up and take 'em with?

The homes should be left in the shape in which it was purchased - if not better.

thomas.wong87 says

bob2356 says

What makes banks so special that they couldn’t have gone into bankruptcy like anyone else. Business continues, just under protection of the court.

Read my statement above! Bankruptcy for a bank wouldn’t work… so what happens to the funds on deposit by the public and other entities, like your employer who pays his payroll and vendors from the funds in the same bank. Ho hum! banks go under and ho hum everything goes like any other day… Jez! get real!

Nothing happens to the deposits, they are FDIC insured (until the FDIC runs out of money, coming very soon). The bank operates under a bankruptcy judge or the FDIC. The business, what you are calling deposits, gets sold to a healthy bank. Creditors, bondholders, and stockholders take a bath. At least they should in a capitalistic society. That's the burden of being an investor, researching you investments. It's called risk management.

Banks go through bankruptcy all the time, but it's almost always through the FDIC not a bankruptcy judge because of FDIC insured accounts. Investment banks don't have FDIC insured accounts so they go to bankruptcy court. Or should have instead of being bailed out. You don't cure gamblers by giving them more money and sending them back into the casino. That is exactly what has happened. With your (and your children's and your grandchildren's) tax dollars.