why should obama even consider a plan that the federal government, which has already given over HUNDREDS OF BILLIONS of our dollars to banks with bad loans (and who now have their hands out for another TWO TRILLION) open a “national bank” to buy up such bad loans and then sell them in time to the public sector, without expecting that these private banks and bankers WORK to refinance the bad loans into good loans?

you must ask yourself this: “what is the business of a bank?” and the answer is only this: the business of a bank is to make money. that is the ONLY business of a bank.

and so, if the obama administration is considering using our tax dollars that are non existent anyway to establish a national bank that will buy up bad loans, how would that benefit you and i?

why is no rule put upon the banks that want more and more and more of our money to bail them out of the financial crisis that they themselves put themselves into requiring that they, themselves, who are in the sole business of making money, to require that they restructure their own lousy loans so that such loans become profitable to them rather than putting their fat hands out to collect even more money from not only you and i, but from our progeny?

why should we even consider allowing the federal government to set up and run a bank that will absorb bad loans? would it be profitable to we, the people?

as far as i can see, practically anything that the federal government puts its inept nose into fails and/or makes our lives more complicated by more and more federal regulations, which in turn create jobs within the federal government itself, but do nothing to benefit the working man? will a national bank that buys up bad loans benefit the people of america? why would it?

take a look at the article linked here: http://tpmcafe.talkingpointsmemo.com/2009/01/24/the_banks_have_stolen_enough_its_time_to_take_them/

and then, please give me your PERSONAL opinion, as a citizen of this country, as to why you would want the federal government to open up an institution whose sole purpose is to make money, i.e., a national bank?

would you deposit your wages (if any) into such a federal national bank? why would you do that? what reward would you get for doing so? do you think that the interest that the federal government MIGHT pay you would be worth your deposits, just like the deposits that you make to the federal government out of your paycheck in the form of taxes that are supposed to pay for those things that you need which you cannot pay for yourself (such as war)?

don’t you think that rather than our federal government building up its “national bank” that the lenders that made bad loans out of their greed, so that they could continue paying themselves millions in salary and bonuses and perks and stock options while being seated each day in plush offices with views from huge windows that you’d just love to be able to have yourself from your house (condo), should have to put their loan officers to WORK at making those bad loans into profitable, good loans?

it’s so simple. we give $0.00 to the banks. they already took our money with no requirement that they account for how they spent it. so now they say it is not enough. okay, if it is not enough, why don’t they figure out how they can make money off of their loans? if that is the business of a bank–making money–and it is, the only business at that, why don’t they figure out yet more creative ways to shut down this foreclosure disaster and change it to profitable business for them?

this is what they do with their bad mortgage loans: they rewrite them into fixed rate, (very) long term mortgages. they fix the rate of interest at only one point above the prime rate, as it is today. and then they stretch out the amortization schedule of repayment to 100 years or more than 100 years in order that the payments are profitable to them. and they charge “points” (a point is one percent of the face value of a loan) to refinance these bad loans, but they put these points into the loan itself. and of course, they charge their outrageous fees, but they put those fees into the loan also. in fact, they could structure the new mortgages so that their points and fees are what is paid first.

if you own real estate, you should call up your real estate broker so that s/he will print out an amortization schedule for you so that you can see how much of what you pay per month goes towards interest on your principal balance. this way you will understand what i am proposing. (”amort” is a french word that means “to kill,” to kill off the principal).

okay, if you do not agree with the above work that the banks should do, which will keep their employees employed and paying taxes to the government (about $0.61 out of every dollar that they spend, all taxes over the year combined), then what do you propose that the banks do? do you propose that they
had been omitted:

…), then what do you propose that the banks do? do you propose that they should go bankrupt? how and why?

or, do you think that this new idea of forming a “national bank” that will be funded on OUR money will resolve the problems that the banks face? if such a national bank were established, would the banks still have their hands open to catch yet another two trillion of our dollars? what will they do with that money anyway?

what will we, the people of our country, have to pay to fund the establishment of this national bank that obama has proposed?

i like detailed answers with something that backs them up. even if i do not agree with you, i never give a thumbs down if you back up your argument, so feel free to exercise your constitutional right of free speech in your answer. and thank you.

ha ha! the first person that attempted an “answer” gave a non answer–that’s a first!
the first person that answered was “reallypablo,” who is a Top Contributor. read his “answer.” you will laugh.