(Community Matters) There shouldn’t be a bailout.
There does need to be a rescue . . . .
. . . . but of the average taxpayer, employee, even financial institution that is caught up in this mess because of the irresponsible – sometimes even fraudulent – actions of others. Save the deposits, investments and retirements of the 99% of Americans who had nothing to do with financial meltdown we’re in today.
For those who have gotten us here through fraud, deception or bad practices, let’s wipe out their equity or take equity in proportion to the assistance required. Home borrowers who misrespresented their income or assets, their mortgages shouldn’t be renegotiated, bankruptcy judges shouldn’t provide this relief. Where we find criminal action, this should be prosecuted.