Bailout Bill

A couple of weeks ago the financial industry went south with 700 million dollar lost in the stock market. And they turn to the goverment for help. Now my personal opinion is I think that it is a shame for the goverment to bail them out. The reasons are that they were putting poeple in homes that they know couldn't afford. So what do you think is going to happen? In our area alone we see mobile homes and manufactored homes with no one living in them because that same practice is going on or was going on here in our area. A couple of years ago a few poeple even went to jail for unlawful practices putting poeple in these homes. Creating fake credit accounts with companies that don't exist, having people get money from family members to say it was a gift ( I know one case that gift was 10,ooo dollars) , having poeple to sign titles to their cars over to the salesman who either sold them and keep the money or keeping the car themself. All one has to do is take a drive around town or some of the subdivisions and see for yourself all the homes not being lived in. I feel that this bailout will not benefit the average person , but rather the financial industry who were taking large amounts of money anyway. My question is how many of them are going to pay for what they did to people? They pretty much messed up these people's credit for life by saleing them homes that they couldn't afford. Sentor Howard Coble went on to say that Monday he voted no for the bailout bill but as the week went on he was getting email and phone calls from the people of North Carolina to pass the bill. The only people that more then likely doing this was people who are effected by this. My thing is if you are a owner of a business or even have a job, you know what you can afford or not. At least I believe most of us do. If you can add or subtract it isn't rocket science. Brad Sherman, (D-CA) of Financial Services CMTE, said that President Bush by going on TV lead poeple to believe that our country are in financial trouble. The only ones in serious trouble was the financial industries not america. I lean more to believe Brad Sherman when he says that America wouldn't be hurt over the financial troubles. But now I believe we will be feeling the financial strain because where do you think the now over 700 million dollars is coming from? To get the bailout bill passed here's what happened. It came with a few clauses. ABC call this section whats in the bill.

Whats in the bill?

1. Higher limit for FDIC guarnteed bank deposits- 100,000 to 250,000
2. Tax cridits for Research & Development
3. Tax credits for renewable energy

All this doesn't seem too bad, right? Well, there's more. This is the section ABC called deal sweeteners

Deal sweeteners?

1. 192 million for rum producers in Puerto Rico and Virgin Islands
2. 128 million for auto racing tracks
3. 10 million for film and television productions

What on earth are they thinking to allow this to go on? Why do we need to pay all those too? I don't own any stock in any of these or even support any of them. I've looked and thought even wondered why on earth are these even in a bill that is suposed to so call help america? I would be happy to hear some ideas and feed back on this. I even thank you ahead of time :o)
Okay back to the business on hand. The housing market has dropped 16% and is expected to drop 8% to 10% more. This bailout bill won't even come into effect for another 2 or 3 months at the least or at the latest 6 months. Why this long for something that is supposed to help america? Now that is going to be a question I feel we are going to have to explain to not only our kids but also our grandchildren. And on top of all this poeple think it will all happen over night. This has been coming for years. 700 million dollars just doesn't happen overnight. Come on I can't buy that. You mean to tell me that something couldn't have been done before it got that big? You can read about this and even watch ABC news on this at this website :http://news.yahoo.com/s/ap/financial_meltdown_regulation
Okay now about the jobs in america, according to ABC news as of last month 9 million people are without jobs. Another question I have is what could the goverment do about this problem that is affecting each of us. If we could afford over 700 million dollars to bailout the finncial market we should be able to do something for these people. To me that is a real poeple that touches home. Come on America let me know what you think?