Stimulus Package the Answer? Not by a long shot!

Is anyone else out there concerned that we (Americans) are rewarding unscrupulous business practices. We are paying to keep banks afloat that simply made very poor, greed motivated loans to thousands of consumers that also made very poor greed motivated decisions? Not to mention the Golden parachutes or the other upper management compensation packages the average Joe is paying for.
I don't think the American public (Tax Payers) should be bailing out banks - depositor's yes, but the owners of the banks who are in a big part responsible for this mess, no. Let the banks fail, the depositor's can get their money through the FDIC. If these poorly managed and obviously poorly or not at all supervised banks fail - guess what - there will be new business opportunities for new banks to form. Hopefully, the "new" banks will have learned from the current banks mistakes and greed. I believe the banks that perpetrated these bad loans and didn't check borrowers credentials should go under, if we reward them and keep the in business, it will happen again. In fact, take a look back in history when a lot of savings and loans did fail, what was that the 70's? What is going to happen to those who didn't make bad greed based decisions - they will pay for the others who did. How, higher interest rates for home mortgages, higher taxes, inflation - sounds a little like socialism to me.
I may be mistaken but I always thought the strength of our country was in part based on the fact that competition made businesses and our economy stronger and benefited the consumer.
The auto industry is another HUGE failure, why did it take the Toyota Prius to get the the American auto makers off their butts. I guess I am suppose to believe that our auto makers aren't as smart or innovative as the auto makers in other countries, Or maybe it has something to do with ties to big oil. I know we have and have had for some time the ability to produce autos that get great gas mileage, are less expensive, are better for the environment and run on various fuels or are electric. Why should I pay to help a dinosaur stay in business when that dinosaur has already demonstrated it is not committed to be a viable business and industry? It pays to know history, if we ignore history all we will do is repeat it until the Great Country of America utterly fails. I say the Great Country of America with a lot of reverence, I love our country but it breaks my heart and really makes me angry to see the mass destruction and decay that has occurred just in my short life time.

Realtors and Consumers The Chairman of the Senate Banking Committee Needs Your Support

Sen. Christopher Dodd is expected today to introduce a bill that would require mortgage lenders to issue only loans that are beneficial to borrowers and that borrowers are able to repay. What a novel idea - What, you thought the banking industry had your best interests at heart????

This bill seeks better loans for consumers. The proposal by the chairman of the Senate Banking Committee would not only force mortgage lenders to act in the best interest of borrowers, it also would expose Wall Street firms to lawsuits (IT IS ABOUT TIME!!!!) as well as bar subprime mortgage lending practices such as prepayment penalties and yield spread premiums, (this should not be how a mortgage broker gets paid) can anyone say Major Conflict of Interest???
Dodd's proposal is in some ways similar to one from Rep. Barney Frank, which passed in the House by a wide margin in November.

Mortgage companies and banks are expected to come out in force against Dodd's bill. Really? well you as an American consumer can help get this measure in place ----CALL YOUR BANK, MORTGAGE COMPANY, SENATOR AND YELL - Get this legislation passed and implemented. "I'm Mad As Hell and I'm Not Going to Take it ANYMORE!"



Click on the title to link to Reuters article on the bill