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Categories - Shopping - Free Online Business Help - Telecommunications Services Articles: Business - Forgotten Taxpayers The federal government is supposed to be taking care of its citizens, not banks. It has passed legislation and issued mandates that have allowed and caused banks to reap havoc on the economy, themselves, and the popoulation and is now on the verge of taking more of the citizens' wealth to give to the ones who were encouraged to cause the problem. Everyone needs to realize that the people who allowed these bad loans to be issued have been in the banking business for generations and they absolutely knew that the taxpayers signing up for them were not going to be able to pay. No banker intent on doing good business would have done this. Congress mandated that the banks issue loans in rural, ethnic, and underserved areas and the banks got more than a little carried away. Rules were broken and things were overlooked in order to create loans that any banker with any experience knew would fail. The government, by being illegally involved in this at all, has caused the American taxpayers to be liable for at least a part of the reparations. Now, we are forced to figure out a solution that resolves this economic disaster and prevents it from happening again. As we dermine our solution, we have to keep in mind that this was not caused by a lack of government regulation. It was caused by government involvement in something that the Constitution does not give them the authority to be involved in. The disaster that has been created by the government, in collusion with the banks, does call for unprecedented action, but the taxpayers should not be the only ones to suffer. Their contribution was only to elect the public servants that did this. The public servants should somehow be held responsible. Keeping in mind that, whether they actually have representation or not, taxpayers are endentured by whatever the government does, this should be approached from a taxpayer point of view. Instead of spending taxpayer money on bailing out the banks, they should be spending taxpayer money to bail out taxpayers and let the banks benefit as a result. They should: - Eliminate all variable rate mortgages and replace them with fixed rate mortgages at reasonable rates of no more than 6%. - Eliminate mortage backed securities. - Recalculate the amount that individual homeowners are in default at the new rate. - Pay that amount to the banks that wish to participate on behalf of the taxpayers. - Allow taxpayers who have been foreclosed on and who can afford their payments at the new rates to move back into their homes. - The banks that do not wish to participate do not get paid. - Forbid credit card interest at loan shark rates and forbid credit card companies from raising interest rates once cardholders have used their cards. - Force banks to recalculate credit card debts at no more than 12%. - Prevent the raising of rates once citizans have used their cards. - Roll back legislation that was passed three years ago to allow this to happen. - The banks that cannot live with the amount of money that they will be recovering should just be allowed to go under. - Arrest, imprison, and fine those who spread the rumors, which led to the collapse of financial institutions. - As soon as the banks that have been taken over by the government get back on the right track, their assets should be sold to private American investors at market value and the proceeds used to pay down the national debt. The seized banks should then be disbanded. This will benefit the population and also force the banking industry to run better, more honest businesses and temper its greed. Banks will have to pay for business activities that, instead of being enabled by legislation, shoul be illegal. The banking industry is using the same old argument that the population will benefit if they benefit. We have seen how we benefit from banking greed over the past several years and are now suffering a disaster. The American population did not create the legislation and did not implement the predatory lending actvities that led to this. Congress, the Senate, and the President have to be somehow held responsible and should not be allowed to walk away from their bad deeds untouched. Perhaps they can be charged with violating the Constitution, fined and/or imprisoned. Perhaps they will get away with just not being re-elected this time. Citizens will pay this time, but they should never pay again. It is time for the country to take care of its citizens like it is supposed to and stay out of private industry before they destroy it all. Copyright July 2008, Web Smith
For more articles go to http://ewebsmith.com/info
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