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Sep 25, 2008 -- How will the bailout impact me personally?
When all is said and done, our collective responsibility for the bailout mania of 2008 will be in the trillions of dollars. But what does that mean for you? Simple -- for every dollar you pay to the government in taxes, less will go to government programs (whether you support them or not) and more will go to service the trillions of dollars of debt the bailout creates!
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What others are saying
Mortgage Bailout
Actually the bailout for mortgages cannot provide very much money to each borrower - there are just too many. Most of the money goes to the lenders: http://www.associatedcontent.com/article/1503155/what_does_the_mortgage_plan_mean_to.html?cat=3
Refinancing
Clark, my wife and I bought a house in 2007 and its a first and secondary mortgage. The problem is, they are 30 30yrs fixed interest only loans. Can we get some help from the bailout stimulus pakage. We have never missed a payment, but we need to get out of the 30 yr fixed interest only and get a FHA 30 yrs fixed.
predatory lending
My husband and I are victims of predatory lending and need a very small portion of that bailout money to get us out of this nightmare we're in!
The bailout will cause hyperinflation, plain and simple. This means you will lose purchasing power as the dollar is devalued and the cost of everything will double or triple with in 2-4 years.
Running for the office
I heard clark will run for Mayer of atalnta, please don't do it clark, you have to look for the higher office. Run for the Govenor and for President. Clark you are a brilliant politician and decet man, you can get the majority of the vote easly and serve you country.
Screw Them All!
I say let them get investigated and sent to prison, like the folks at Enron.
Is the bailout a double standard?
If the bailout is the only way to save our economy, why shouldn't the victims of predatory lending, which have been practiced by all of the banks, be given a chance to refinance? After all, their greed, lack of mercy and willingness to steal from the needy is the reason that we are in this situation right now. Who wouldn't, when backed into a corner by these bullies, pay a higher interest on a house or auto?
Economic Bail Out
In this big economic bail out crisis, without question, we, those that have not maintained a better than average credit score, are the biggest victims. We pay super inflated finance charges when we receive credit,"supposing to reestablish ourselves as being credit worthy. If that be the case, how is it not a double standard for them to get our of this without paying us, the taxpayer, interest back on our bailing them out? Thanks Geoffrey
Bankruptcy
I'm reminded of one of my favorite quotes - by Frank Borman - "Capitalism without bankruptcy is like Christianity without hell"!!!!!!!!!
bailout
Everytime I hear someone say that "We have to offer them these salaries in order to attract the most qualified executives"... I could throw up. Worse, we accept this explanation and let it continue instead of peacefully revolting. These "qualified" executives never have to take responsibility for their impoverished actions...government always bails out the corporation while you and I, ordinary people, accept being screwed. The time has come to get rid of all incumbent politicians; vote on proxies to control executive salaries, and to take criminal action against those executives who "broke the bank" for abrogating their fiduciary responsiblity. Once upon a time, screwing the public had a price.
Bailout
Its really simple, we let the "smart" rich CEO's & broker guys that got us into the mess keep a 100k salary for each year for the past 5 yrs only. The rest of what they earned the past 5 yr goes to bail us out. I bet we would get close to what we needed if we added it all up. If they don't pay, we take'm to jail. Also, politicians that took donations from them need to cough up that money too. Just a thought.
Ultimately the demise of your countrry
This bailout is quite simply going to be nothing but another bandaid for an out of control country. The only winners in this are going to be the likes of JP Morgan (that's what, 2 big businesses it has swallowed up now). The fat, rich and happy will stay that way and America will go down the tubes. No problem for the international bankers. Have no doubt, they have already moved their cash out of American Dollars. Ever watch Lou Dobbs talk about the NAU? Well, here it comes. Once America acquires this last big chunk of debt, the economy will still collapse by February and then you will see the 2005 merger of Canada + USA + Mexico come to fruition. That's right, call me a nut. But just watch and see what happens. Too bad I don't have a way out of here. Too late to prepare now. :(
Financial Bailout
What bothers me is that the ones who are responsible for this mess (Congress in 1991-92 pressuring banks into making more liberal loan decisions, i.e. CRA) are now going to be the ones to get us out of this mess.
How does this bailout affect me?
What will happen to people who have always paid their bills and their mortgage, but are now experiencing income loss and are starting to pay things late for this first time and the mortgage company is snubbing their nose at us. And to top it off, they sent me a letter stating that a former employee may have sold my personal information.
Bailout
I just can't understand why a business who's CEO made just himself profits in the millions last year, why is the government bailing them out? Why doesn't that CEO put up some of his own money to save his company ?!! There is a better way to do this and I believe giving to the American People would be better for our economy !
paying the people
having the government pay the people with money they will get from taxes is like lending to yourself then paying it back later..it would do no good at all, or very little good, like the stimulus checks...it would just go to pay the higher prices on gas or frivolous purchases because people would think it is free money instead of a bailout for troubled homeowners...i say let them bailout the banks but give the taxpayers equity in those banks so they have slim chance of making some money back on this deal...if we keep giving away trillions to prop up the economy, sooner than later the dollar will be worth a dime and you will have to be a multi millionaire to be able to afford to retire
Pay the people
Hello Clark, I heard the show today and wanted to comment on the idea of paying adult citizens the money instead of bailing out a company. You said this plan would not work. What if a stipulation was placed on the checks that any outstanding mortgages must be paid first? Notes would be paid to help solidify these businesses and the government can feel good that they helped the people. If you don't have a big mortgage, there is lots left over to stimulate the economy. If you have a big mortgage then you can breathe easier now that the economic situation has been handled by the government. I don't agree with the bail out but I still love your show. Met you at Ft. Hood, TX once but my husband talks more than I do; I just listen. Thanks.
