TOPIC: Finding a Way to Stem Foreclosures Proves Tricky

By RUTH SIMON

The Obama administration provided few details about its plans to address the foreclosure crisis when laying out its economic-recovery program Tuesday, highlighting the challenges of creating a program that is fair and effective.  Read the full story...

online.wsj.com/article/SB123431365164570827.html

I hope it works the way they want... anotherthing they should do is put a cap on the intrest banks are allowed to charge, I understand the need to make a profit but what some banks nail you with just so they can pay for that corporate jet is rediculious. I bought a sofa set (sofa, love seat, coffee table and 2 end tables) two years ago for about $3,400.00, the first year was 0% now if we wouldn't have gottin it payed off in that first year we would have gottin nailed with 28% intrest until we got it payed off.

I hope it works the way they want... anotherthing they should do is put a cap on the intrest banks are allowed to charge, I understand the need to make a profit but what some banks nail you with just so they can pay for that corporate jet is rediculious. I bought a sofa set (sofa, love seat, coffee table and 2 end tables) two years ago for about $3,400.00, the first year was 0% now if we wouldn't have gottin it payed off in that first year we would have gottin nailed with 28% intrest until we got it payed off.

I understand your frustration with banks etc.  But government control isn't the answer.  Self control is the answer.  Lets take your furniture for example.  You didn't have to get that loan, you could have gotten any other number of loans for it.  Best of all, you could have paid cash for it. 

No matter what the Obama admin tries to do to stir the economy, they are just kick starting the same problem that we are in now.  They propose to lower interest rates so we will spend more and kick start the economy.  This will work!  Until it crashes again!  We as responsible adults need to develop spending restraint and save more.  This is the only real way to get out of the debacle that we are in.  Anything else is just delaying problems for the future.

Very good points.  It seems the government almost forced banks to give home loans to people who were destined to fail under the payment loads.  Not everyone is supposed to own a home.  When the government gets involved bad stuff starts to surface.  Throw in the greed from the banking industry and you have a complete failure in the global economy.

Check out this story:

www.investors.com/editorial/editorialcon...247323541&secid=1501

Oh I think we all have to take responsibility on this one.  Government, corps, banks, and we the people. 

New education system John, they're teaching the "Free Lunch" system again.  I don't believe there's a place on earth where that system has stood the test of time...