Options Wonderland

[samaelrocks]

Exactly well put:

http://biz.yahoo.com/ap/080926/financial_meltdown.html

"Sen. Richard Shelby, an Alabama Republican who appeared on the same show, said many GOP lawmakers dislike the proposal that has been pushed on the administration's behalf principally by Treasury Secretary Henry Paulson.

"Basically, I believe the Paulson proposal is badly structured," Shelby said. "It does nothing basically for the stressed mortgage payer. It does a lot for three or four or five banks . ... "



Though both the lender and the borrower share = responsibility in these risky mortgages, it's making me sick that we only want to focus on bailing out one side of the issue.

There's no doubt in my mind that part of the monies for the bailout will be used by banks to pay attorneys doing the foreclosures, fixing up foreclosed homes for resale, and then deposits to back up new loans for people picking up cheap property.

IMO, if the bailout goes through, watch the foreclosures increase because the banks will have the influx of cash to accelerate the process.