Credit card rates! Inability to declare bankruptcy! Are you kidding me!? I've got the perfect solution to both of those. DON'T SPEND WHAT YOU DON"T HAVE!! If someone goes out and racks up tons of debt they SHOULD have to pay for it. If you screw up YOU should have to pay for it. Bankruptcy should not even exist. You should loose EVERYTHING if you don't control yourself. The personal responsibility in this country is a joke. If more people lost their homes and their possessions for living outside their means then more people would not live outside their means. Just look at whats going on with Fanny and Freddie. We the American tax payers are going to shell out $25 BILLION because so many peop...

Credit card rates! Inability to declare bankruptcy! Are you kidding me!? I've got the perfect solution to both of those. DON'T SPEND WHAT YOU DON"T HAVE!! If someone goes out and racks up tons of debt they SHOULD have to pay for it. If you screw up YOU should have to pay for it. Bankruptcy should not even exist. You should loose EVERYTHING if you don't control yourself. The personal responsibility in this country is a joke. If more people lost their homes and their possessions for living outside their means then more people would not live outside their means. Just look at whats going on with Fanny and Freddie. We the American tax payers are going to shell out $25 BILLION because so many people took out home loans they could not afford. Those people should be foreclosed on and kicked out on their asses! But NOOOO... instead those of us who studied hard and work hard to have the nicer things in life get to pay for their screw ups and what happens to them? They get to keep their homes (many, many of which are MUCH nicer than my modest 1400 sq/ft 30yr old home on my 1/3 acre) and they get what? A bad credit rating! BOO HOO! Unless you are effected by something out of you control (severe illness, natural disaster etc.) You should be on your own and be allowed to fail, starve or die if you don't regroup and become a productive member of society and not just a drain on the rest of us working hard and making rational decisions.

burndata0 You are a fool, not just any ole' fool but a very bombastic one. To think you can sit on your pompous conservative hindquarters and spout out words like "You should loose EVERYTHING if you don't control yourself." I guess, that's what the Subprime Lender's did, HUH? They controlled themselves, HA!

Excerpt From: http://findarticles.com/p/articles/mi_m2633/is_1_22/ai_n25147513 SUBPRIME LENDING...Indeed, here is how to connect the dots. The failure of America's bank regulators to foresee the onslaught of predatory LENDERS luring hopeful low-income families into unrealistic mortgages is understandable. Bubbles often create a false sense that "this time things are different...

burndata0 You are a fool, not just any ole' fool but a very bombastic one. To think you can sit on your pompous conservative hindquarters and spout out words like "You should loose EVERYTHING if you don't control yourself." I guess, that's what the Subprime Lender's did, HUH? They controlled themselves, HA!

Excerpt From: http://findarticles.com/p/articles/mi_m2633/is_1_22/ai_n25147513 SUBPRIME LENDING...Indeed, here is how to connect the dots. The failure of America's bank regulators to foresee the onslaught of predatory LENDERS luring hopeful low-income families into unrealistic mortgages is understandable. Bubbles often create a false sense that "this time things are different." And who could not have a heart for lower-income families experiencing for the first time the joys of home ownership. What is hard to comprehend is the irresponsible performance of the bankers themselves, and their regulators, which has left the entire financial system dangerously at risk. How the banks got in trouble is a story of greed, hypocrisy, and sheer folly.

BANKRUPTCY... leaves painful problems in its wake. It remains on credit reports for a decade, making everything from car insurance to house payments more expensive...Potential employers who run routine credit checks will discover the bankruptcy, which can lead to embarrassment or, worse, the lost chance for a much-needed job... . Illness and medical bills contribute to bankruptcy. Studies of medical bankruptcy, however, have relied on court records—where medical debts may be contained under credit card or mortgage debt—No info on MEDICAL EXPENSES, access to care, WORK LOSS... have been collected... only half of those who have undergone bankruptcy admit to it.
http://www.healthaffairs.org/

But of course, burndata0, all this is wasted on a mindset like yours... It's pathetic, that we have such an abundance of ignorance permeating our society... PATHETIC AND DISMAL!

Here's a little tidbit from this weeks "Newsweek" magazine:
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A Modest Proposal

Robert Reich , secretary of Labor under Bill Clinton, and author of "Supercapitalism: The Transformation of Business, Democracy, and Everyday Life"

Of course Fannie and Freddie are getting bailed out. They're Bear Stearns to the 10th degree—way too big to fail, especially with the rest of the Street in turmoil. And of course taxpayers get stuck with the tab.

What worries me is the complete lack of accountability by Fannie's and Freddie's executives, as well as Wall Street investment bankers also now being insured by taxpayers. We've created the worst form of socializ...

Here's a little tidbit from this weeks "Newsweek" magazine:
===================================
A Modest Proposal

Robert Reich , secretary of Labor under Bill Clinton, and author of "Supercapitalism: The Transformation of Business, Democracy, and Everyday Life"

Of course Fannie and Freddie are getting bailed out. They're Bear Stearns to the 10th degree—way too big to fail, especially with the rest of the Street in turmoil. And of course taxpayers get stuck with the tab.

What worries me is the complete lack of accountability by Fannie's and Freddie's executives, as well as Wall Street investment bankers also now being insured by taxpayers. We've created the worst form of socialized capitalism—private gains combined with public losses. These executives and bankers are among the best paid in all of corporate America. Their organizations are treated as if they're giant investor-driven private sector entities as long as they're healthy. But when they start to go down the tubes they become public entities with public responsibilities, and the rest of us have to bail them out.

Surely there will be more failures or near failures of financial institutions in the coming months, and American taxpayers will once again be called on to insure their solvency. The important question is what conditions should be applied.

Herewith a modest proposal: when taxpayers insure a giant entity against loss—Freddie, Fannie, Wall Street investment banks, whatever—the entities must agree that (1) for the duration of the bailout, their top executives cannot receive total annual compensation higher than that received by the president of the United States, and (2) the government gets 5 percent of their current valuation as shares of stock (roughly representing the benefit to their shareholders of the federal insurance). If and when the entities become profitable again, taxpayers are thereby compensated for the risk they've taken on.