Do you think Americans should have to bail out those who extended themselves financially?

Question

Should America have to pay higher taxes because of people who knowingly overextended themselves on mortgage loans?? Why should we bail them out? This infuriates me!! Why dont they live within their means?

Answer 1

I agree--if you are struggling and can't make it--get another job and work your self out of it.   We are tight-but we did it ourselves and we will get out ourselves. (Ours is credit cards)  You have to start learning to live without the extras!

Answer 2

I believe everybody makes mistakes and deserves a second chance. I don't believe they should be babied their whole lives and given a free ride because they messed up, but so that we can hold on to our precious extra couple dollars a month, these people that did nothing illegal would lead miserable lives. If they couldn't manage when they had money, how can we expect them to when they don't? I'm certainly willing to give extra tax money to help those people. These aren't the same as criminals, and most learn their lessons and become responsible. No one deserves to have their life ruined just because a foolish mistake. However, if we are talking about people who specifically try to live off the welfare system so they don't have to work and just leech off society, then it is a totally different issue. But the people you seem angry at aren't mean, just irresponsible, or unlucky. Let them learn their lesson and try again.

Answer 3

We have to bail them out 'cuz they are bums and we are not.  

Answer 4

No, I absolutely do not. That is why I don't think the World Bank should repay loans to corporations who invested in other countries and lost their investment when those countries' economies imploded.

Answer 5

Not at all!!!

I feel like this about bankruptcies!!!  

I understand that sometimes medical bills and unforeseen things come up that you cannot help.  

But don't file bankruptcy because you maxed out 10 different credit cards at the mall when you were 21!!!!

Grow up and learn to spend your money wisely!!!

I guess you could always get the gov to pay for your expenses!!!!

Answer 6

We should not create a blanket program that bails out every home buyer who entered a bad deal.  We should make rare exceptions in cases where consumers were misled or defrauded to make deals.

Of course, shouldn't we ask these same questions about banks and bank officers who made billions and millions on those bad loans?

Answer 7

h**l no. My dad took a huge interest rate because it was fixed. Why should he have more taxes on top of that to pay for people who ignorantly got adjustable-rate-mortgages?

Answer 8

It goes much deeper than "bailing out people who over extended themselves."  It is about the economy.  Failing banks, plummeting housing costs and abandoned houses that have been foreclosed are not good for the economy and not good for the country.  I feel better about tax dollars being used for that than I do for tax breaks for oil companies, or pointless wars in Iraq.  

Answer 9

What should infuriate Americans is that their tax money is used to bail out the crooks who offered the shady loans in the first place, or that the entity who lowered the interest rate enough and provided the "liquidity" to make such a large scale scam possible — the federal reserve — is not being held accountable.

Yes people over-extended themselves in many many cases, but it would not have been possible without the setup. (Unless we think it was just an accident that "happens" in the market. Right. When it comes to money and big bankers, and I mean the big ones — there are no accidents.)