With the new presidency, the second round of the $700 billion bailout will start. I hope the President and Congress will demand to know where our money is going. The first half was given to the various financial institutions with the hope it would free-up the credit market. There were no restrictions on how and where the money was to be used. It could have been used to buy up other banks or whatever the banker-thieves wanted to use it for. The credit market had more cheap money to lend and mortgage rates were supposed to drop, but didn’t. Mortgage money was not being lent with the lame excuse that the banks were afraid to lend the money to the public. Now you can see the rates dropping as the new presidency is approaching but they can still go lower.
Yes, they are at lows we have not seen in decades but the banker-thieves borrowed the money they are lending at rates even lower and can lend at even lower rates and still make a fair profit. That is not good enough for them. They want the public to pay twice. Bail them out with tax dollars, then pay mortgage rates high enough to make up for the loses they have on the bad mortgages they made. It’s our money and we should be getting the advantage from it, not the banker-thieves. All I heard last year was about how our government was all for Joe the plumber, Mr. Average.
Well let’s see less talking and more doing to help poor Joe, lower credit rates to the lowest possible rate that will still allow the financial institutions to make a fair profit. Doing this will give Joe Average more money to spend on other things beside the mortgage and he will thereby stimulating the economy. The only way I can think of correcting this immoral practice is that Congress makes an immediate investigation of the banking system to see how they are ripping off Joe Average not only on mortgage rates but on credit card rates as well. There are usury laws on the books. Are they being perverted to the point that you can borrow money from the local loan shark for less than the bank?
Now my question to them is what are you doing about this situation? Please answer directly and to the point without the regular run around and most importantly please do something quickly.
Our meeting this month will be on Monday, January 19, 7 p.m. at the association, 661 Morris Park Avenue.
Our seniors will be going to The Hilton Hotel and Casino in Atlantic City on January 21. The price is still only $30 and you get back $18 in cash as well as a meal discount coupon for $5. For more information call Mary or Zena at (718) 792-2935 or just drop by at 661 Morris Park Avenue, Monday to Thursday, 11 a.m. to 2 p.m.