If you're like me you are probably wondering why the American taxpayer has to pay 700 Billion dollars, to bail out the financial melt-down. It seems all the bureaucrats in Washington have actually gotten excited about solving a problem! You have to wonder where all this energy was, when proper oversight and regulation was really needed.
Investment banks showed little concern about risky home loans, since they had investors willing to take risks in exchange for high returns. Many had so little verification of income, we were told of car dealers who couldn't get a customer approved for a car loan, but they were approved for a home loan. We are finding out about huge salaries and bonuses paid to executives at Freddie Mac, Fannie May, Lehman Bros, AIG, and on and on... We know that these companies were making huge contributions to the political campaigns of those who should have been stopping these abuses.
It seems as if we have no choice but to support some form of a rescue plan, but we deserve much more detail about how we got here. I'm also wondering about the oversight and regulation that must be in place to make sure our 700 billion dollars are not wasted. That's 10 thousand dollars per household. We have the right to know all the facts.
Everyone is calling for cooperation between Democrats and Republicans in this rescue...we want cooperation alright...we would like them to cooperate in putting people under oath, beginning with members of Congress. Next the heads of these Wall Street companies... Let's find out what they know, what they did, and put some people behind bars...