Now that the $787 billion stimulus package has been signed by President Barack Obama, readers are waiting to see how much good — or harm — it may do. Most are saying that they hope it works to get the economy rolling again, but others are fearful that it will only lead to more national debt and bigger problems in the future.
In contrast, the $75 billion foreclosure plan is sparking more anger from people who say they don’t want to bail out people who used creative financing options to buy beyond their means, didn’t read or understand the terms of the financing or treated their house as a piggy bank. Others recognize the need to help out homeowners who fell into foreclosure trouble because of deceptive or fraudulent financing practices or because they lost a job or had a medical emergency.
Here are just a few comments:
This plan is an insult to every person who lives within their means.
If the government does nothing we all will pay twice as much later. Something needs to be done to stop the downward spiral in home prices, get the banks to lend more (so they don’t become nationalized), help curb the massive job lost, etc. All of which would get worse without action.
Give it a chance? Yeah, right. I pay my mortgage and taxes — what do I get? I get to pay MORE taxes!