Off-Topic: Bailout insanity

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	Name:	want2beonlake -
	Subject:	Bailout insanity
	Date:	9/27/2008 9:18:13 AM

Water-watcher, question for you since you deal with SunTrust as we are in the middle of refi of our homes and I was talking with mortgage guy yesterday.

Are you finding this to be the case? the guy I was talking to said the bailout is a two fold issue - the banks and the bad loans as one part and the issues with Wall Street as another part.

Some of the banks, in their takeovers of other banks also assumed the bad debt associated with those banks and the bailout would essentially allow them to have the govt take over the bad debt and the good debt stay with the banks. From what I have read, those people with the bad debt would have to essentially requalify and those that can meet their obligations would be fine but those who are over-extended and unable to requalify would essentially be SOL.

with Wall Street, sorry but not clear on the issue with them unless it is the speculative nature of the trades and the fact that it appears they were making trades without the funds to back up the trades.

I am totally against the golden parachutes - despise the fact that someone can do a bad job and walk away with millions.

The other issue I heard that is holding this up, in part, is the power given Paulson and the fact that he came from the Wall Street side and not the banking side so the worry is he will protect his cronies in that the proposal gives him unfettered authority to give what he wants, to whom he wants, with how much he wants without any oversights or judicial review.

Not attacking your post in any way - just wanting to have some understanding of the bailout issues.