LETTER: Why bail out greed?

The country faces a financial crisis because people got greedy. Fannie Mae, Freddie Mac, Lehman Brothers, and AIG all
Sandusky Register Staff
May 24, 2010

The country faces a financial crisis because people got greedy.

Fannie Mae, Freddie Mac, Lehman Brothers, and AIG all saw huge profits and their CEOs made millions of dollars in bonuses. Loan officers making fraudulent loans made huge commissions and lived the high life. People bought huge homes because lenders were stupid enough to give them money when these people could not save funds for a down payment or pay their credit cards on time.

Now, those of us who have lived within our means are expected to pay the companies which were raped by their CEOs and their commissioned representatives.

Americans have been living on credit for too long. Being the country with the highest standard of living in the world doesn't mean a thing if we're living in a dream.

Depending on politicians and CEOs for fiscal responsibility isn't the answer. Delaying foreclosures only delays the inevitable. Some of these people cannot afford the homes they are living in. Adjustable rates go up. This is just common sense. If you didn't plan on that, well that's your fault, not mine.

I can't feel sorry for these companies who are in trouble. I can't feel sorry for people losing homes they never should have had or who used up the equity in their houses to buy boats, cars, plasma televisions, and smart phones. Don't write checks your butt can't cash.

Sure, there are some who were duped by unscrupulous lenders and people who lost their jobs and had to take lesser paying jobs. Sell your house, buy a smaller one. Sell short. Let the bank that made the big profits take the hit.

The government says the bailout will cost $700 billion. That's maybe $2 billion a household. Give me my $2 billion. I'll even pay taxes on it. I'll do my best to stimulate the economy. I'll even use $1 billion of it to pay off the national debt.

Jo Cook

Sandusky