Skidmore to any lurking Congresspeople or their staffers.

[Skidmore]

I don't claim to be a finance wizard and I don't play one on TV either. I have a question and a point to make about this AIG bailout because we seem headed toward more of this type of "solution." Are not the employees of AIG now considered federal employees to some extent? If so, then they have stolen federal funds to conduct these parties. Should they not be subject to the penalties of any federal employee for stealing government funds? Now I've only worked for state government but I know of one state employee (a janitor) who walked off with a $2,000 laptop and who did 18 months in prison for that offense. Periodically, I've read of other state employees who have embezzled state funds and done serious time. They don't get a letter of protest and chastisement--they get the full force of the law thrown at them. How is it AIG people are allowed a pass?

Second, what would happen if all mortgagers were told that starting tomorrow all loans would be reissued for the amount of principle remaining with a fixed rate of interest. Period. Just reset. I think the debt figures could be deflated quickly because it seems to me that those ARMs create apart of the hot air in that debt balloon.

And another thing. If you are seriously considering bailing out the automobile industry, it cannot be done without conditions or transparency. Do NOT go about handing the likes of a Paulson wannabee anymore blank checks. In fact, revoke Paulson's blank check now. Those dollars have served to do nothing more than to make certain that already extremely wealthy people do not have to sacrifice any of their lifestyles. Enough.

Clean house. If it means kicking some of your backdoor friends out of the people's house, it needs to be done. The people will work with you as long as we know that you are standing up for us.

Skidmore

[Uben]

1. No financial wizard, and don't even play one on TV?

Well then, unless you stayed at a Holiday Inn Express last night, you're pretty much insignificant, huh?

LOL !11!


I like the fixed rate idea! My home is paid for but I had a mortgage back in the eighties @ 9.75%. I paid on it for 15 yrs and sold the house for what I paid for it! Not a great investment.

I understand not disclosing the banks who are receiving funds, it might cause repercussions like people pulling out their remaining monies and hurt the bank even worse. But, it should be fully disclosed to congress and any oversight committee so designated.



(and in case you're wondering, I have an internet degree in world finance and national budgetry. I got it as a bonus from a guy who sold me some acorns on Ebay!)