Bye Bye Banks and Wall Street

[Morrigoon]

To that end, iSm, I agree with you. I think the bailout plan in its current form is pretty ill-conceived.

It seemed from your posts that you were against any sort of action, and that you wanted to let the chips fall where they may, which I'd ordinarily agree with, except that the current problem has grown to such a proportion that it quite seriously endangers the entire economy and not just the people directly involved. To that end, I'd rather see some people get some help they may not deserve, than see innocent parties get taken down in a bad economy they had nothing to do with creating.

But I also think that a solid part of this package would be trying to re-set people's loans back to what they were at before the FED started raising interest rates like mad. Heaven forbid the government admit it was overly aggressive about that and acknowledge their own part in the mess.

Not saying that ARMs don't have a right to adjust, of course they do, but if you wanna undo this mess with the government purchasing fewer troubled loans, that's one thing that would help. Yes there could be major repercussions from a massive interest rate re-set, but these are extenuating circumstances, and the alternative is to let the homes be foreclosed upon and have the government purchase them as per the bailout plan.