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2008 – Written by Cricket Diane C Phillips
Did we really just cover the credit crunch of the overextended banking and finance industries and then they have the audacity to say that if people can’t pay their mortgages they should be out in the street – that not everyone can have a drivers’ license and not everyone deserves to have a house?
But wasn’t it our money that just bailed their asses out from under demands for their resources and assets that these same bankers and financiers couldn’t make good without our money covering it for them?
And, didn’t we cover it for them – and didn’t our President, Congress, Secretaries of Financial and Economic Departments and the Federal Reserve all say – for the banking industries to work with people on these mortgages?
Why would even one more foreclosure continue after those requests were made? Whose side are the financial institutions on? Is it really true that they can do without us as a market base and the businesses they finance – do without us buying their products and services?
We need to take our money back from them – if, it is as the bankers say – “not their problem”. . .
- What happens to the houses, neighborhoods and the infrastructure / property tax base that serves these communities?
- What happens to the small- and medium-sized businesses that used to serve these homeowners and properties?
- What happens to the families – the children that had made friends at their school, etc? And, the scouts, The Y, the gyms, the restaurants, the grocery stores, the churches, etc.?
- What happens to the ability of American businesses including banking companies, when there is no one to buy their products and services? –> it does no good to “flip” a house that can’t be sold. What will happen to all of that?
- What happens to vacation and tourist destinations, to the big trade shows, malls, air travel, hotels, insurance companies, buying cars, trucking companies, shippers, wholesalers, retailers?
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So, didn’t the President and Congress as well as our Government Finance Directors tell the banking, finance and mortgage industries to have a moratorium on foreclosures to buy us some time to fix this and for the markets to stabilize including home values?
Are we really going to spend this much money to make good on their (banking industry’s) bad debts but these bankers and lenders and mortgage holders feel no reason to be in this with us and stop all foreclosure proceedings right now.
However, without some immediate moratorium on the foreclosure proceedings that are occurring all across America each day and decimating our country’s foundations, there will be no time to make any corrective actions whatsoever.
There are no more warning shots being fired – we are already in the middle of this – so how about our business, Wall Street and banking leaders acting like they are in the same world with us.
Cause if nobody is home in those industries that can think on their feet and change this immediately – we need to take our money back before going one step farther.