WHO IS RESPONSIBLE AND WHO SHOULD BE BAILED OUT?

This is not an easy question to answer. There are people who monitor the

different markets. These are the same people who are now predicting that the prices

of homes will continue to fall another 25%-30%. Where were these people before the

crash started? Where were the big banks and lending institutions when the people

signed the loans they could not afford.

People signed for loans that they could afford today, but did not take into

consideration, or did not care to, the fact that the interest only loans will go up

in premiums in a few years. Now, no one can afford the loans, foreclosures are at

an all time high, banks are losing billions.

It would do no good for anyone to blame and point fingers at this point in

time. It won't make the problem go away, a solution needs to be found so that this

does not occur again. A fact finding body needs to be implemented to find the true

cause for the debacle, come up with recommendations and submit it to Congress.

I do not think Congress can do this. People do not trust Congress to find any

thing factual. However, they do draw up the laws. And it may not need to be a law,

just financial guidelines to prohibit this fiasco from happening again.

Where was the Federal Reserve during this time? Do they not have some say in

this? Instead of supplying more money to bail the banks out, which will inevitably

drive up inflation, why did they not step in and handle things before the nightmare

got started? Not under governmental control, The Fed should have gotten together

with the major banks and put in methods of control early. The fact they did not is

an indication they may be the ones who benefit the most from this series of events.

Could that be why no fact finding body as been convened? Is there something

sinister hatching in Washington? Is there a plot by the financial powers to be to

turn the housing market upside down? There are a lot of questions being asked, and

no answers coming forth. Foreclosures are at an all time high, billions of dollars

are being lost by major institutions, people's lives are being ruined, and the

impact is not fully known even now.

Learn more about this author, David Lamb.
Click here to send author comments or questions.

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