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Say a prayer

2 min read

To the editor:

First, should the Wall Street bailout have passed? Absolutely, because failure to do so could pull down the remainder of our shaky economy. And of course, it should have contained some help for the man on Main Street, where the hurt is up front and personal. This action against the bill seems to confirm the notion that some 40 percent of the House, on both sides of the aisle, are village idiots (to be charitable).

A lot of people out there are still confused as to the root cause of this financial crisis. When the Bush administration came in, they wanted to “make hay while the sun shown,” which means that “free enterprise” was interpreted to be completely free — no regulation or oversight. What ensued was non-disclosure loans that were initially affordable and got folks into their houses. They didn’t tell the customers that they were getting “sub-prime” loans or that the interest rates would change twice monthly as well as annually. And although 75 percent of those “sneaky” transactions are performing normally, the remainder are likely in trouble. Since the lenders often refuse to work with the creditors when those problems come to a head, they will wind up with the houses on their inventories -with nowhere to go. results, higher interest rates, tighter credit requirements (20 percent down, crazy), becoming a frozen market for both business and individuals. When money does not move, we are all in trouble, big time.

As for Palin, it has taken three to four weeks for most out there to get onto her. They are now seeing her as an inexperienced airhead from off the beaten track (with no indication of her getting back on track, either physically or mentally.)

And in a national election year, the country is understandably on edge, wondering about its future. God help us all in these trying times.

Wayne K. Hood

Cape Coral