Why are you a Democrat or Republican?

Kwame,

Yes, the broke asses are the ones who have sunk the market, totally agree.  A lack of any significant consequence prompted those without the financial foresight or wherewithall to purchase homes way beyond their means.  

I agree that we should not help those idiots out, but passing the bill is a necessity.  Was just reading an article on this last week and Japan precipitated the same thing in the East when their housing boom went bust.  The Japanese economy stagnated for years because they did not pass a bill to rescue their economy--hence, the "Asian flu".  The Japanese are estatic that the US has addressed this problem quickly and is taking steps to stem a possilble world economic slowdown.  Painful, but probably the right thing to do for all concerned.  

OPC,

Didn't scroll up...thanks for your service.  My dad was there too and the few strories that he has told me make my skin crawl--I had it light in comparison.

Respectfully,

Gorilla2,

I never said that I agree totally with the Republican platform, just moreso than the Dems.  Unfortunately, Italy blocks most of the online gambling sites from even getting through--at least in the States you have access, regardless of the Republican stance.  And most people think that the Europeans are enlightened...

Kenny,

If we look at the current financial crisis in terms of the 1929 crash, there are striking similarities.  Prior to about a year ago, homes can be bought with little or no down.  There was zero financial responsibility for many who went looking for a new home except the current payment.  No life savings were risked.  The banks were supplying the "American Dream" to those who wanted it.  And who is to say that they were wrong for doing so?   There is a lot of personal responsibility lacking in the current marktet, most of it by the people who bought.  Ask yourself this: If most of those who did buy were making thier payments, would the markets be in the state that they are in now?  

So, we had a bunch of banks that were supplying credit at 100% or even better with a loan that just required the interest payment.  In 1929, the margin rate was 95% for stocks and the same thing happened: crash.  The margin rate was subequently changed to 50% for many securities (as it is now).  What will happen to the housing initial down payment?  I predict that one will need at least 10% on a purchase of a new home to ensure that they are able to 1) afford the house, 2) have personal responsibility, and 3) lessen the exposure by the banks.