Wall Street Still Doesn't Get It! February 20, 2009 Sean Lewis
Wall Street is upset about bailing out an individual who was 'irresponsible' and over extended themselves by buying a mortgage on a property that had a variable rate and when it reset it was after 13 plus interest rate adjustments. It doesn't matter that a wall street type advised this person to take the loan. It doesn't matter that a wall street firm approved the mortgage. No the fault is the unsophisticated and trusting homeowner who believed those Wall Street types advising them at a fee. Wall Street argues that it is wrong to give aid to the homeowner but whine about the fact that if wall street firms receive TARP money they have to be accountable by reducing their pay and bonuses. The argument of course is that to keep the talent that bankrupted the Wall Street firm in the first place you have to give them a bonus to stay. my answer to that is, where are they going to go? Thousands are being fired and there are fewer firms left.There aren't any jobs out there to go to! No wall street thinks that they are entitled to their bailout but the ones bailing out wall street are not entitled to their own bailout. Main Street must be held responsible and must be punished for their irresponsible finances, but Wall Street should not be accountable and should not be punished and in fact by action of how the TARP money was used to pay unearned Bonuses, REWARDED! Like I said, Wall Street Just doesn't get it! --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
