Quote:
Originally Posted by yys
I hate to break it to you but pretty much everyone you know would lose their home if the credit markets completely seized up. No new mortgages; at least not without putting 50%+ down with outrageous terms. Mortgage coming due and you want to refinance; forget about it. No auto loans; cash only. Say goodbye to your credit card. Want that new fridge, washer, dryer from Sears; pull out the paper. Etc... Welcome to the past
Unless you were cash rich, which most aren't; you would be shit out of luck for any large purchase.
People think things are bad now. Take away the average persons ability to acquire credit and the economy would drastically shrink.
What you're failing to grasp is that it was main street that was bailed out.
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I understand your theory. It's simply enough and that's the scare tactics they lose. But if you don't have the cash (or at least the promised cash) you shouldn't have the shit in the first place.
That aside, explain to me exactly why you would lose your home or car with exact procedure, step 1 and step 2, or rather how this bail out is going to allow you to keep them?
You don't actually think they're not going to want their monthly payments now do you? And you do realize unless you do what we do and operate you're own thing, you're probably losing your job anyway.
Also people with money will always loan to good investments and private investors because that's how they make money and that's actually free enterprise - private investments. Problem is there aren't many now.
So forgetting how it would have hurt, how does it now help anything - exactly how?