9-21-08

You have seen it time and time again and the headlines seem almost standard now (Government Bails Out AIG) or any number of large banks that where handed government money in order to keep them solvent. In fact the crisis is so extensive that feds are now talking about a $700 billion bail out package to the large banks that have not gone bankrupt yet. The argument will continue for some time if it was the right thing to do and no one can not state that our economic fundamentals are still solid, they are not and in fact it could still be a slippery slope until well into 2009 when home prices are expected to rebound.

The root of the current crisis can be directly traced to the risky and predatory mortgage loans these large banks created and tricked good honest Americans into with prospects of becoming a homeowner or offering monthly payments at a fraction of what they where currently paying provided the rest gets added to the loan and at a certain point a cap would be reached and payments could more then triple. It is these option arm loans that are now causing the most of our current economic crisis because of the high rate of default these mortgages have. Clearly if there was more oversight like we now have with a government driven Fannie Mae and Freddie Mac these loans would not have had the impact they did. But the question every American should be asking themselves now is why are these banks being bailed out and forgiven while the average American homeowner is being thrown out of their houses and onto the street because of these risky predatory mortgages? Where is the help for the good honest American homeowner? Why should the government bail out these banks without doing more for its citizens? Until the average American in need is stabilized we can further expect disruptions in the economy.

The current US population is 305,218,695 people which means if tax payers are expected to fund this bill and very likely the taxpayer in one way or another will have to pay the $700 billion bail out to these large banks the total owed per person on our whole country will be $2293 each. However it has not been agreed upon yet where exactly this money will come from and could come from a multitude of sources showing you how much $700 billion is will be very important to keep these numbers is aspect. Also given the current economic crisis perhaps this is indeed needed to prevent more downturn but if we are going all out to bail out these banks at a cost of $2293 per person why doesn't it include aid for the average American? How dare they think of aid on this massive scale to the banks that caused the average American to suffer without first offering help to honest Americans in need! Schumer (D-NY) has said taxpayers "should be put ahead of stockholders, bondholders and executives." He added that the package must include "help for homeowners, because that's the root of the crisis," and said "there should be an oversight board".

We urge every one that reads this to call or write there congress person directly to make sure they press for aid for homeowners like Schumer has as part of this new bail out bill. Currently it does not include it and your voice does matter please make sure you speak your voice before Congress votes on the bail out bill this week.

Write your Senator now: http://www.senate.gov/general/contact_information/senators_cfm.cfm

Write your Representative now: https://forms.house.gov/wyr/welcome.shtml

You may also call the switchboard to speak with a representative assistant here: (202) 224-3121


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