Nearly 150 years ago, President Abraham Lincoln stood at the site of the battle in Gettysburg and stated that "government of the people, by the people, for the people, shall not perish from the earth."
What is the government of the people doing for the people these days?
$183 billion to bail out AIG. $700 billion to bail out the banks. These are numbers that I can hardly fathom.
Why did we bail out AIG?
Why did the government feel it needed to bail out AIG? Near as I can understand, AIG had sold derivatives and failed to reserve against possible risk. And, when it looked like AIG was going to fail, the government was concerned that because AIG's customers included many big companies, banks and pension plans that AIG's failure would result in undermining the underpinnings of the global financial system. So, in rushed the government to prop it up.
Next, the banks were given $700 billion to bail them out. It appears that this was done without a lot of oversight and perhaps without a lot of forethought. Could it have been contingent upon the banks lending money "to the people", or to provide modifications "for the people"? It doesn't look that way. Why should they help the people who provided the money for the bailout?
Perhaps somewhere "government of the people, by the people, for the people" has not perished from the Earth, but I am less than convinced that here and now in the United States the government is by the people or for the people.
It seems that it is government for the banks, for big business and for the lobbyists.
Why is that the case when it is the people or their great grandchildren who will be paying for the bailouts.
What say you? Are the bailouts for the people?
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.
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Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
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