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Sunday, September 28, 2008

The bailout

The fundimentals of any bailout plan has to be the protection of those who would be adversely effected by the failure of the system. This means that those who are already or will be living paycheck to paycheck are the ones that are in need of the most protection. This is not to say that there should not be protections put in place for the financial institutions either but protections for both sides should keep one protection from overriding the other.

The working poor and the middle class should not have to worry about the potential loss of their homes or retirement accounts due to people or rules that favor taking the stuff to gain short term satisfaction over working with the people and families for long term satisfaction.

when it comes to the financial institutions they should be more willing to rewrite the terms of mortgages and other forms of credit so that the people who are paying on the credit can still afford to keep paying rather than taking steps that would hurt the financial company through having property that is not generating income due to forcing the people from their home.

The other forms of credit like credit cards, the financial institutions need to look at what is going on with the way they handle interest and fees. The financial companies who provide credit cards have to reduce the interest and not be so willing to add fees to the accounts due to the fact that sometimes when a late fee is assessed to an account the account gets charged an over the limit fee as well which at times forces the interest rate to spike. The financial institutions should not be permitted to assess fees when to an individuals account when the account is at or close enough to the limit that it would adversely effect the account holder financially.

at the same time the financial institutions should have protections against people who are trying to scam people and the financial institutions in ways that adversely effect the one going for the credit and the financial institution or are willing to lie about their financial situation to get the money that they are looking for only to turn around and file for protection against creditors.

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