If people can't pay their loans, their lives are ruined...

[Deja Q]

So how come the lenders get it as a tax write-off and continue unabated?

The bailouts really should have gone to the bottom 99%... trickle-up...

[naaman fletcher]

1. A great point..

If there was going to be a bailout, it should have gone to the people rather than to the banks.

But, on a side personal note:

It was when I couldn't pay my debt that my life changed for the better. I was fighting and fighting a mountain of debt and it was ruining my life. The second I realize that I couldn't pay it, my life improved. I stopped worrying about it.

And you know what?

Once my attitude improved almost immediately my business improved, and I was later able to pay back most of my debts (some I paid back at less than 100 cents on the dollar).

Just thought I would add this in to anybody stressing about debt right now. It does get better. One of the best things I realized was that I don't actually need to borrow money to be able to be happy.

[tridim]

2. After this is over the credit rating system needs to be trashed or reset

Consumer credit is taking a hit based on economic hardship caused primarily by the banks. It's simply not fair.

[Horse with no Name]

3. I have wondered that so much

Can you IMAGINE the boom we would have seen if that money was divided up among common people?
The responsible people would have paid off their mortgages, cars, credit cards, loans--freeing up money for the banks to loan to others.
People would have shopped--making the retail numbers strong.
People would have fixed up their homes, purchased energy efficient appliances, replaced windows, etc--obtaining tax credits.
Nothing ever trickles down except piss.
It never has, it never will.
Now, the money that was supposed to free up credit and help everyone is being used to buy up oil futures--so we are going to be freshly fucked all over again this winter in fuel costs.

[lonestarnot]

4. I can't go there. I'm so pissed already I could...

nevermind.

[Snarkoleptic]

5. Have you heard of this organization?

They advertise on WCPT in Chicago.
http://saveoureconomy.com/