Fannie, Freddie, Bear Sterns - Stop These Government Bailouts!

Related Issues:  Budget / Deficit , Economic Policy , Fiscal Policy , Treasury , Government Waste

Tags:  bailout , freddie mae , fanny mac , bear stearns

Saturday, 09/20/2008 @ 04:06 PM PST
To whom it may concern:

I would like to plead with you to stop the taxpayer funded bailouts of corporate America. Will we, the American taxpayer, be receiving the profits of these companies when all is said and done? I think not. And all of this to the tune of $1 Trillion. Yes, that's trillion with a "T" - the current price tag of the Iraq war.

We live in a capitalist society, so let's let capitalism work it's magic. These companies made very, very bad decisions. They were greedy, plain and simple. They tried to sell mortgages to people who had no business getting a mortgage. Will the government bail me out if I buy a car that I can no longer afford? Never in a million years. Why then, should we, and I mean us, the citizens of the United States, continue to fund the reckless decisions these corporations make? This is absolutely ludicrous. The only ones getting a good deal here are the executives and upper management of the companies being bailed out. Instead of these bailouts, you should be firing them all and taking away their golden parachutes.

Come election time, you can be sure I won't forget about this. This is the largest travesty perpetrated on the American people to date. This is socialism for corporate America. But I guess you're OK with that, since they funded your last campaign.

Disgusted,
DotNetAllDay
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Letter Comments
Total Comments: 25
nomoreliberals,  on 09/20/2008 @ 06:58 PM PST  wrote:
Fannie and Freddie needed a bail out, i hate to say it. 50% of the nation's mortgages go through them. Although I wish i had bought a million dollar house now that I see a lot of the debt will be excused.
gabbysmom,  on 09/20/2008 @ 10:18 PM PST  wrote:
I do agree with you that corporate america has made many bad decisions. I am concerned though about the companies in america. We are having trouble with them not succeeding. I do agree that Trillions is a ridiculous amount. What about helping small business more and large business less?
ConcordMama,  on 09/21/2008 @ 03:21 PM PST  wrote:
Although I think it is unfair to give government--AKA TAXES--to big companies when there are hungry children in America, I am not 100% sure it is the wrong thing to do. The Great Depression was BAD. I don't want this to become Great Depression II.
bond007,  on 09/21/2008 @ 07:18 PM PST  wrote:
I agree with other comments that we don't want the great depression all over a again, but the biggest problems with these bailouts is that the gov't is essentially pulling money out of nowhere. remember the economic stimulus checks? similar situation. Throwing money at the problem won't make it go away. and considering the gov't has already spent us into immeasurable debt (stimulus checks, funding the war etc) where is this money coming from? so, does that mean that when I overspend on my credit card i can just ask the gov't to magically materialize money to cover me? or if i have some major disaster and lose everything, they will come bail me out too? well, apparently they can just create more money anytime they want to so there's really no reason they can't help everyone out, right?
pamphyila,  on 09/22/2008 @ 03:55 PM PST  wrote:
This certainly isn't socialism! Sad tp say the system needs some shoring up - but I can't believe there is no money there anywhere - golden parachutes anyone?
roadstaken,  on 09/22/2008 @ 04:15 PM PST  wrote:
It's difficult to agree or disagree with these bailouts. Yes, these companies did this to themselves, but a total collapse of the US banking system is going to hurt us just as much as them.
fayevalentine,  on 09/23/2008 @ 09:21 AM PST  wrote:
It's such a scary time in the economic history of our country. While in general, I disagree that the government should bail out these bigwigs, by bailing them out, they are in effect bailing many, many American consumers out as well.
nomoreliberals,  on 09/23/2008 @ 09:45 AM PST  wrote:
fayevalentine, i don't really agree that they're bailing out Americans justifiably because the honest tax payers and home owners are being penalized for their follies.
XD,  on 09/23/2008 @ 10:11 AM PST  wrote:
Economy USA is declining,backdrop, crisis, failed big corporations was is conducive to us really ardnously
tamaragoodrow,  on 09/23/2008 @ 11:48 AM PST  wrote:
We need to bring in the team that handled the S&L fallout and junk bond issues from the 80's. They haven't offered ANY other alternatives than bailing them which is coming from a predominately demoncrat big government oriented legislature.
JM4Change,  on 09/23/2008 @ 05:09 PM PST  wrote:
Sorry, it was under-regulated capitalism that got us into this mess, and it certainly won't save us now. The damage is done. We have two choices - let the banking system collapse, credit lines dry up, causing all sorts of economic catastrophe that will affect everyone, OR inject all sorts of fiat currency into the system, crushing the dollar, pushing away foreign investors, and likely leading to major commodity inflation, increasing poverty. Either way, we're not looking good right now, and you have deregulated capitalism to thank, along with the complicit Fed.
gaygael,  on 09/26/2008 @ 07:06 AM PST  wrote:
It's always a burden on society when a big business fails, and sometimes that burden is so great that it is more efficient and easier to bail the company out than to let it sink and cause a domino effect. I don't think even a socialist would want the banking systems to be totally controlled by the state - most socialists just want key services to be state regulated. In this case letting such behemoths fail would have caused a lot more pain for taxpayers than the bail out will.
Shonnabella,  on 09/26/2008 @ 01:39 PM PST  wrote:
I could NOT agree with you more. I think it's so ridiculous that because these organizations made some HORRIBLE situations they're now being coddled. So, come election time, vote for Nader 2008...he's honest and one that would really bring about change, not just TALK about it.
onefifty,  on 10/29/2008 @ 02:25 AM PST  wrote:
These companies did what they did because of greed and they found out there was nothing to greed for.
wholenewgal,  on 10/29/2008 @ 04:43 PM PST  wrote:
I don't think it is our job to help out these greedy buttheads to cover themselves...especially since I dont have loans of any kind.
KateB,  on 11/16/2008 @ 07:59 PM PST  wrote:
A free market is a free market and should be left to follow it's course. When we have the government investing as a stakeholder into the market, it is no longer free.
phatpink,  on 11/25/2008 @ 11:36 AM PST  wrote:
I am in total agreement. Why should we bailout these companies that continue to have their noses up at all the real americans that are hard working and pay all their bills on time? We shouldn't. Let them all fall. They let us fall. We are losing our homes while they escape to the Caribbean for vacations on private jets. No to the bailout.
nhchet,  on 12/20/2008 @ 12:17 PM PST  wrote:
Fannie, Freddie, Bear Sterns, who are these clowns behind the titles. I think these guys should be paraded out and made household names. So when it comes Christmas time we will know who to thank for the coal in our stockings. nhchet
Jaxom,  on 01/14/2009 @ 10:32 AM PST  wrote:
You know what’s pretty funny about the whole thing, now everyone wants a piece of the pie. Hustler Magazine is even asking for a bailout now. Where will it end?
gennytte,  on 01/14/2009 @ 11:39 AM PST  wrote:
I must admit, I don't understand this issue completely. I think there do need to be more strings attached to this money, though, if it is given out at all.
1helentroy,  on 01/27/2009 @ 09:51 PM PST  wrote:
FYI, since September when this was first posted, the bailout is now going for about 4 Trillion.
jimbos213,  on 10/14/2008 @ 09:03 AM PST  wrote:
I don't like the bailouts either, but we can't have the economy completely collapse and enter the Great Depression 2. It is the politicians that got us here.
plaidjaguar,  on 10/07/2008 @ 01:48 PM PST  wrote:
I agree wholeheartedly. Capitalism allows for great rewards in the business world, but it is not without its penalties. Or at least, it shouldn't be. This bailout is taking the capital out of capitalism. Without having to put your own money at risk, what's to stop you from foolish practices?
oohdragon,  on 10/05/2008 @ 06:19 PM PST  wrote:
i understand that the part of the bailout is to help small investors, but hey, it's still a risk either way when you invest and you have to take the punches when they come. STOP GOVERNMENT BAILOUTS! with all the responses on this site alone i would think the congress would at least think twice.
nhfreedom75,  on 11/17/2008 @ 12:06 PM PST  wrote:
I wholeheartedly agree that the bailout is a bad idea; now that it's been implemented we get to learn just how bad a deal it is. There is no being held accountable for what is being done with that money, and from what I can see, it is not being used to help our economy -- credit card companies are cancelling accounts, raising interest rates, banks are still refusing loans. How did this help? I agree, they made their bed, they ought to have been made to lie in it too.