Bank Of America
October 19, 2008 9:35 PM
Lesley Stahl speaks to bankers about the federal government coming to the aid of America?s biggest banks. Shachar Bar-On is the producer.
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instead, we just keep stuffing the pigs
The clowns that lended money to families making $65K/annually and buying $800K+ houses in the Western part of the US should be held criminally liable and the people who bought those homes should have a brain scan. America was based upon a free market system--a system that is in peril at this point. It is not about borrowing what you want and walking away when it goes south.
As adults we are held accountable for what we legally sign; if you didn''t read the contract or understand lending then you shouldn''t have signed the paperwork until you were a more informed borrower.
Bank of America bought Countrywide after their loans were in default. A bold step and yes, a step that was based upon the opportunity to make money--a financial isntitution that makes money which is why they''re solvent--what a concept.
Those of us who have borrowed responsibly are now paying the economic price of higher cost of capital, diminishing returns on investments and a financially unstable economy because many of our fellow Americans made decisions based upon greed--from lenders and consumers. Please save your whining and complaining--we''re all paying the price for your poor judgement.
ACTUALLY... here''s a better idea... be responsible and don''t bit off more than you can chew. The "majority" of people who are experiencing foreclosures are those who bought "too much" home and could barely afford it.
For those people buying irresponsibly and above their means... be responsible and save up first, so you can be sure to afford what you''re getting yourself into. Those who prepared themselves and made wise decisions aren''t in this mess.
For the company''s like BOA who are actively getting involved and trying to hold our economy together now...keep up the good work. And yes, I realize they are making a small profit, but why shouldn''t they if they are saving everyone else%u2019s tusshy?
A recently completed study by the National Academy of Sciences lays out some recommendations on how this could be accomplished. Additionally the Federal Geographic Data Committee%u2019s Cadastral Subcommittee has been tracking and studying this for years. It is possible to have the elements for monitoring and tracking the status of this important parcel level information nationwide for around 400 million. Additionally it would be possible to build in a small per mortgage fee that could go to counties to keep this system continually funded.
If you would like to know more about this I would be happy to discuss the details and some potential approaches as well as some examples of successful existing approaches being used across the country.
- by david_ryeburn October 20, 2008 2:40 AM EDT
- This is for your webmaster.
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See all 17 CommentsUntil today I could expand to full screen. Today I tried, but was told I needed Flash 9.0.something or higher. I''m now using the new Flash 10.0.12 so you reject me because you probably think that''s Flash 1 instead of Flash 10. Lots of us have upgraded to Flash 10 for security reasons. You should fix this by allowing Flash 10. I don''t want to downgrade because of security concerns. By the way, the NY Times video feeds work fine for full screen with Flash 10, so it *CAN* be done. Just check for more than merely the first digit of the Flash version.
David, retired mathematician with over 20 years of computer experience.