jeff...
well jeff, if you want your taxes to pay a bank CEO a few million a year...after running his bank into the ground....let your congressperson know. I don't...so if this "competent" CEO does not want to "stick around"....let him go and get a job with another bank....if he can.
Trickle down never has worked Jeff...and these guys are not creating anything with their wealth....they aren't during a piece of wood or a chunk of steel into something with added value....
And Jeff...don't you think the real problem is not the family that refinanced and bought a jet ski (how is that different than the CEO spending his bonus on a membership at Sand Hill?), but those who bundled these loans and traded them over and over again to the point where it all collapsed? I mean really Jeff...people have refinanced...borrowed against their equity....for years to take vacations, pay for their kids education, buy a new car, fix up their home...and the world did not end....why now?
Most homeowners have done nothing wrong....they just find themselves out of work, or living in a home that has lost 40% of its value...through no fault of their own...Where is the angry rant against those that caused this collapse in the first place?
If you've lost your job,that is of course tragic-and causes people to be forclosed on.
If you're living in a home that has lost 40% of it's value,why should that stop you from paying?( Assuming you still have your income or job)
This problem was in part caused by government insisting everyone should be allowed to own a home and creating socialistic impractical ways to make that possible.
I'm all for prosecuting the crooks at Fannie Mae.
While everyone owning a home's a nice concept,many aren't responsible or capable,or have a transient lifestyle-that's why there are renters.
I rented until I was 39 years old due to my transient lifestyle as a golfer-no shame there.
Now of course many scummy lenders took advantage of people and should be prosecuted if they broke laws.
As far as trickle down-Why do you say that never works?
My salary and the wages and work of everyone around me depends upon the wealthy people spending in and around our community.
Is Obama flying around the country to sign a bill with 6 military jets in tow a better use of our tax dollars? (I guess it does employ people)
The rich already pay the most taxes-and in areas of high cost of living-even the middle class pay huge taxes -because what I make in Georgia or South Carolina would make me rich, but here in New York there's nothing left at the end of the month due to paying 50% in taxes and the rest going to pay living expenses.
So I really don't want to pay someone else's mortgage-sorry.
As far as paying millions for CEOs-if they give the taxpayer a better return on their money-why wouldn't you? (that of course remains to be seen)
You could be right though that we need to let the current ones go-but we're not going to attract any quality unless we pay their living expenses in NYC (which is probably how it will go down if socialism/nationalism is enacted)
frankly I'd let the banks fail too as they all are insolvent as well-but if we're gonna run them let's at least hire the brightest and get rid of the dead weight.
As far as people borrowing for years and it collapsing now?
banks lowered their standards and people lied or took loans that they could never repay or naively accepted teaser loans.
there are mechanisms in place that punish such behavior.
The house is sold-the buyer is removed and becomes a renter and the bank loses money on the transaction (or the buyer and bank can attempt to renegotiate the loan)
We don't need to subsidize this process because people overextended or banks used fraudulant schemes to entice naive homeowners into unworkable deals.