Bailouts offer insult to bad fiscal injury

Bailouts offer insult to bad fiscal injury

Democrats on Capitol Hill want $400 billion to back problem loans, said a March 30 story.

Greed by some in the mortgage industry has brought the house down. They gambled by giving funds to people that could not afford them. Both gambled and lost. I do not care to cover their loss!

Mortgage brokers should not be backed by the federal government in their business losses. If that should happen, they will take more chances. Why not? If they do not have to account for a mistake, they will only take additional chances.

Here is an example of their business plan, as left in phone messages on my phone six or eight times a week: "Good credit? Bad credit? No matter! You can have the funds within 72 hours!"

I can't imagine how many companies are in the business. There are even signs by the roadside promoting these loans, like a garage sale.

These Bozos have already made enough trouble and they are still at it. To add insult to injury, our government now comes along to rescue these companies when they cannot collect from their customers.

A question: This Bear Stearns we just saved, what bonus was given to the CEO for the fine performance?

Personal greed on both sides -- the banking industry and home buyers -- caused this gigantic downturn in our economy.

The banking industry sought additional profits and took the chance of loaning funds to clients who had no business signing on to a mortgage they could not afford.

Ron Petrucci | St. Charles