Quote:
Originally Posted by Robbie
That's something I've asked myself over and over.
They took that stimulus money and bailed out banks. And they helped save teachers jobs (though some of those are questionable lol)
The root of the problem was the housing industry failing and houses being foreclosed on.
Property taxes pay for schools.
Instead of just giving banks a big bailout loan that ultimately did nothing to help the housing crisis which started it and didn't long term save the school jobs...
Wouldn't it have just made more sense to take that 700 billion dollars and pay off all the single family home mortgages?
That would have more than "saved" the banks. People would have kept their homes. Property taxes would still be pouring in to pay for the schools.
Instead...people are still losing their homes in record numbers, schools are now beginning to make the inevitable cuts because of less property taxes (less homeowners), and the banks won't loan shit to anybody.  |
no no... the stimulus didn't do the bank bailouts, that was under Bush. Obama did have to dish out the final part of it, but it was already signed.
For housing to turn around we would need another fraud bubble. The market hasn't come back down yet, it's still fucked up from the fraud, that's how damn big it was.
Schools funds are managed by the State
You know the sad thing, 700b is the stimulus and that sounds like a lot... but the bailouts total bill, was 4 TRILLION dollars my friend.
That's AFTER we lost 1/3 of our countries wealth to the same people we gave the 4 trillion dollars to.
Banks have to pay property tax as well, which is why in a few years you'll see the real value of property return, because they'll be selling that shit off like mad (or own it at a loss with no future value to make back).
Banks will lighten up when the eco turns around... but I bet they never go back to easy loans like before, and I have a feeling the interest rates will return, which is why through the 80's the housing market sucked.