Do not tease me like this. My student loans (taken out in my name and in the name of my parents) are a constant source of anxiety. And it really annoys me that the U.S. government bailed out the banks and bankers that got themselves into this trouble, while leaving the youth of the nation in debt.
I'm not an economist, but to answer the question "why not bail out student loans?"
You can't repossess an education. There is no foreclosing upon a college degree.
And in theory (I stress IN THEORY), if you have a college degree, you should be qualified for better paying jobs than flipping burgers, etc. so you should be able to improve your economic situation. Unless collateral is put up, a student loan is unsecured.
Not only that, but the bank (or whatever institution owns your mortgage) doesn't want to foreclose on a house because it costs them money, time, personnel, and resources. In other words, the banks lose in foreclosure, too.
I'm kind of opposed to student loans (at least from the government) in the first place. Students are allowed to put themselves into huge debt, and colleges know that they (the government) won't run out of money. It's for "the kids" and "the future" and won't be cut. So there's no control on costs. Who cares how high tuition is? Student Loans! The consumer has little power because they're not paying for college with their own money.
Both the housing/credit crisis and the college tuition/student loan issues are bad, but my gut feeling is that the former is in worse shape and could do more damage if not taken care of.
@Irina I - The youth don't vote. And if when we do, that's not the issue deciding who we vote for. And the youth aren't big donors, either. We're not putting any pressure on these elected officials. There's no incentive for Congress to help us: there's nothing in it for them to help us and they face no negative consequences if they don't.
Unless we develop carrots and/or sticks, they won't act.
@Josh- in every election in history, you would have been right, except this one. The youth does vote, and the youth turned out in record numbers in the freaking primaries!
Is it absurd to expect that I should be able to pressure Congress with just the power of my vote, even though I'm not a major donor or a corporation?
This cynicism will ruin us. We have the votes to take every single one of them out of office.
As for carrots, I think that their salaries and being above the law when it comes to sex and financial scandals is reward enough for their "public service."
That being said- I hate the bailout, but it is still better than the alternative of letting the whole financial system go down.
@Dorie Morgan - I liken it to the problem of medical insurance - there is this huge pile of money, it's as good as a big blank check. It's not the consumer's money being spent, so consumers will spend whatever providers will charge. Prices go through the roof to the point that if they didn't have insurance and had to pay with their own money, it's way too expensive. It's like a Ponzi scheme - unsustainable over the long term.
This is what government student loans have done to the price of college tuition, in my view. In a free market, a fair price is what both sides agree to. But with student loans, Uncle Sam will cover whatever you can't (or don't want to cover). It causes consumers to become irresponsible and colleges to be greedy.
@Tim- It remains to be seen. The youth may very well turn out more than they have in previous cycles. Whether they do or not, they're not a voting bloc the way that the AARP retirees are. The youth vote isn't about student loan debt.
It's not absurd or cynical. It's just realistic. Everybody wants everything - there are competing interests on every issue. And incumbents want to be reelected. I'm not saying there is a complete lack of altruism in Washington, D.C., but Congressmen have to prioritize. If you run a cost/benefit analysis from Congressman X's perspective, he's not losing any votes by giving this issue a low priority. And if he tries to fix it, he's up against 434 others who won't go for it, and if they did, they're giving someone the short end of the stick. Higher negatives for the Congressman who chooses this path. So it's a net loss for the Congressman to help college graduates in debt. Not worth it to stick his neck out if it's going to be chopped off.
It's just not a high enough priority. That's all.
So if we want this problem to be addressed, the public needs to create consequences (positive or negative) to make it a higher priority.
September 22, 2008 2:05 pm
CRH
I would LOVE for the government to bail me out of my student loan debt, but I'm sure they only see the money I owe them as "small change" and it wouldn't do much to help the economy. I'll tell you what though, if they were to forgive my debt, it would do a great deal to help my household economy. Having that off of me would give me an opportunity to have better health care or give me a chance to actually put more money into my 403B and 401k (although with the stock market the way that it is, I'm scared to do much of anything with it).
I think this is a really interesting idea. Could that money that all these young people would be saving go to helping the economy stabilize, nay FLOURISH? I'm no economist, so I can't say. But here are my numbers:
Monthly student debt payments: $360
Percentage of monthly income: 16%
Yearly student debt payment: $4,320
Years before I pay off my student loans: 8.5 (11 if you count deferment for b-school)
Age I will be when student loans are repaid: 35 (!)
Let's just say I'd be buying a home, investing in the stock market, saving for retirement and stimulating the electronics economy a lot more and a lot sooner!
September 22, 2008 2:35 pm
Anonymous
I want a bail out on my student loan, then we can talk about bailing out guys with $20 million bonuses. What a mess!
If my student loans disappeared, my life would change dramatically. Right now, a third of my income goes to student loans. If I got that money back, I would be able to buy a house in six months, I would pay off my car in one year, or I would go on an exotic vacation every three months. That is how much of a difference it would make.
The more I think about it, the more I am starting to think that it is a great idea!
I would probably follow my life long dream: to be a DJ/popstar. Hopefully that would make me famous and wealthy. More likely than not, I would be headed back to law. But without the loans, I would at least be able to find out.
@CRH - That sounds like the way I've been thinking about it.
@Holly - I'm surprised the coffee house wasn't at the top of that list! Which in turn makes me wonder, would more Gen Y venture down the entrepreneurial path?
@Beth - I think the freedom to try the life long dreams is something a price tag can't even be placed on (and if you find a way to be popstar by night/law by day, let me know)
@Josh I have a hard time believing that government loans alone have contributed to rising education costs. A lot of the price increase have to do simply with increased demand for higher education.
I would imagine a student debt bailout would have a huge impact. You have to wonder how many 20-30 somethings don't buy property because they are still paying off student loans. I think it's telling the bailout as supported by the White House is almost exclusively targeted toward bailing out only companies without addressing issues of executive compensation, direct support to affected homeowners, and others that are of interest at the microeconomic level.
The best bailout would be no bailout. Period. Bailouts beget bailouts. That first bailout was supposed to solve some problems and instead it just alerted the banks that they don't have to fix their own problems because Uncle Sam will bail them out!
Instead of fixing people's mistakes, we should reward their accomplishments and level the playing field for everyone via platforms like universal health care and free college.
A bailout is only a temporary fix, it's not a long term solution to the student debt problem.
What we really need is to reduce the actual cost of a college degree. Fixing this may require us to revisit how we earn college educations - perhaps we need more apprenticeships/internships involved in the process.
Yes, just like your grandfather said, this bailout really burns me up. Why couldn't they let all those CEO's who lived the life of luxury pay for this? Unlike you though. I'd love to see them bail out the student loan. That will have been a better use of the money. I would not have minded paying for that kind of bailout.
@Adam - How would free college improve the situation? Would state schools be free? What would be the requirements to get in/stay in?
@Ben - I look at the way my husband earned his "education" as a carpenter and I sometimes wish my college experience had been more like that. While he learned, he earned a livable wage and acquired and entire skill set. Now he has a career his love and no need to pay off gen-eds from freshman year.
@Evelyn - Part of me would love to see student loans bail outs but that part of me would also love to hit the lottery on a ticket I never bought and spend the rest of my days getting massages poolside. But a girl can dream.
Oh my goodness, that would be incredible but it would unfortunately only do what the current bailout is doing: continue to devalue our currency.
I think the only real solution to all this bad debt is to cut government spending and, as such, lessen the tax burden on American citizens. The tax break we could receive if the government stopped living like the country-equivalent of Paris Hilton would be more than the money we shell out for my student loan payments.
Allow young people to opt out of paying Social Security (hello, paying for someone else's mistakes!) and cut us loose of all the bureacracy that's stifling our country and economy to death. That's what I say.
September 23, 2008 7:09 pm
Eileen
I can tell you what it's like for me to live without student loan debt, thanks to a wealthy father. I live and work in an area where housing is very expensive, so I do not own property. I doubt that I would have the skills or inclination to take care of a house. I earn a decent income that is well above the national average but is considered low in my field and unlikely to grow much if I stay in my job. If I had to repay student loans as well as pay my current rent, I would not be able to to save anything unless I moved into a cheaper place and gave up much of my current lifestyle. As it is, my job allows me time to pursue hobbies that are not all that cheap but may eventually lead to an additional (or a new) income source, and I have plenty of savings. I could do better if I were more dedicated to my career, but I like other things better.
September 23, 2008 8:29 pm
Anonymous
If the dishonest government officers will not bailout the student loan debt like they have every country, business and so forth that have walked the halls of our congress, Screw them!
I now consider my debt paid in full. Already contacting a law firm so we can begin suing the government for discharge of our student loan debt.
Sign me up for a student loan bailout. I'm so underwater with my student loans, that I don't see any end in sight. I think I will be well into my senior years still holding a student loan debt.
Here's the thing: At least make them dischargable through bankruptcy! If a person takes the chance to enter into a specific field and fails, starts a business and fails, that person should be allowed to discharge all business debt. This includes the educational loans.
October 17, 2008 12:38 pm
Anonymous
Seriously, do you think there's a way current 20 and 30 yr olds can join together and become a critical mass with a voice?
Is there anyone else/ any groups working on this?
My life would be way different if I didn't have the constant anxiety of student debt.
November 18, 2008 1:21 pm
Anonymous
Hey Anonymous with the law firm -- is it working.
B/c I'll readily join in a class action!
Let us know who the law firm is.
Thanks.
November 18, 2008 1:24 pm
Anonymous
I would love for some kind of bail out on my student loans. I am over 80,000 in student loan debt. I have to pay 750 dollars a month just in student loans. That does not even include my husbands student loans. Or any of our other bills we have to pay to survive or to care for our daughter.
Why don't they actually bailout the American people rather than the banks and execs that have money. And for those out there saying you have a degree you can get a good job, you live in the midwest and get a job right out of college. I am lucky if I can get 25,000 a year to start off. This doesn't cover my student loans, daycare, and gas to get to my job, not to mention anything else we have to pay.
How about they actually do something to help out the real problem?! Help out the American people and the economy will recover on its own.
November 18, 2008 11:42 pm
PhD
If my student loan debt was canceled, first I'd jump for joy, dance a jig, and sing the Hallelujah Chorus. Then I'd go shopping. Being free of that debt would change my life completely. When I first got out of grad school, I had a well-paying job, but that job died 5 years ago and nothing I've been able to find since then can compare. So what do you suppose my prospects are over the next 5 years? I've been struggling to keep up with those monthly payments. I buy shoes only when the ones I'm wearing have holes in them. I've forgotten what the inside of a restaurant or a department store looks like. Airline tickets? If only. Buy a house? Ha ha ha. When I took out my student loans in grad school, everybody I knew said don't worry about the debt -- the numbers look big now, but the economy will keep growing, you'll make good money, and those payments will be a lot easier as time goes by. Wrong.
Five years ago I'd never seen a news story about people being impoverished by their student loans. Slowly those stories have trickled into the media, so now I know I'm in good company. CANCEL STUDENT LOAN DEBT, Mr. President -- maybe past a certain threshold, or a certain number of years, or whatever might sweeten the deal. But do it. This is an idea whose time has come. Along with it, of course, universal health care and truly affordable education. They do it in Europe. Why can't we?
November 23, 2008 10:21 pm
Anonymous
At least allow me to write off all $18,000 per year that I pay in interest. I can write it off on my mortgage, why not my school loan? After all, it was a capital investment, right? Also, let me refinance at a lower rate. 8.25% is killing me - and I only make $40K/year. Cancelling the debt - that would save me over $2,500/month between my husband and me on loan payments. Think of the things we could do! Boost the economy - you bet! I'd party like it was 1999!
November 25, 2008 1:41 pm
Anonymous
What I believe that should be done, even if the goverment does not bail out student loans they should just put a stop to student loan payments for a year or 2 with no interest accumalating so we can then have the chance to save money find better jobs and give us a chance to have a life.
With the economy the way it is, jobs are not secure, income is low, rent is high and student loan eat almost all of are income. something has to be done, something.
I am sure if we had the freedom again to spend some money we would put it right back to help the economy in someways
I think the fair thing to do would be to do a case-by-case analysis of each student in debt. Any bailout should be contigent upon the amount, the average annual income of the student since graduating college (only those who've actually graduated would be eligible, and even then dependent on the aforementioned requirements), and an assessment of an and all honest attempts to make payments regulary. Agreed, bailouts are a slippery slope, but if we're going to talk about bailing out individuals with risky credit ratings having made loans on houses they couldn't afford in the first place, and lenders who live luxrious lifestyles from these same bad loans, then why not those of us who were sold a virtual bill-of-good for trying to achieve the American Dream, but falling short due to changing economic tides that were beyond our control?
31 RESPONSES TO "WHAT IF WE BAILED OUT STUDENT DEBT INSTEAD?"
Do not tease me like this. My student loans (taken out in my name and in the name of my parents) are a constant source of anxiety. And it really annoys me that the U.S. government bailed out the banks and bankers that got themselves into this trouble, while leaving the youth of the nation in debt.
I'm not an economist, but to answer the question "why not bail out student loans?"
You can't repossess an education. There is no foreclosing upon a college degree.
And in theory (I stress IN THEORY), if you have a college degree, you should be qualified for better paying jobs than flipping burgers, etc. so you should be able to improve your economic situation. Unless collateral is put up, a student loan is unsecured.
Not only that, but the bank (or whatever institution owns your mortgage) doesn't want to foreclose on a house because it costs them money, time, personnel, and resources. In other words, the banks lose in foreclosure, too.
I'm kind of opposed to student loans (at least from the government) in the first place. Students are allowed to put themselves into huge debt, and colleges know that they (the government) won't run out of money. It's for "the kids" and "the future" and won't be cut. So there's no control on costs. Who cares how high tuition is? Student Loans! The consumer has little power because they're not paying for college with their own money.
Both the housing/credit crisis and the college tuition/student loan issues are bad, but my gut feeling is that the former is in worse shape and could do more damage if not taken care of.
But I am getting sick of all these bailouts.
@Irina I - The youth don't vote. And if when we do, that's not the issue deciding who we vote for. And the youth aren't big donors, either. We're not putting any pressure on these elected officials. There's no incentive for Congress to help us: there's nothing in it for them to help us and they face no negative consequences if they don't.
Unless we develop carrots and/or sticks, they won't act.
@Irina - Sorry for the tease but its an interesting question to ask.
@Josh Schroeder - What led you to be opposed to student loans from the government?
And I wonder how long it will take for the student loan issue to become just as bad as the housing crisis...
@Josh- in every election in history, you would have been right, except this one. The youth does vote, and the youth turned out in record numbers in the freaking primaries!
Is it absurd to expect that I should be able to pressure Congress with just the power of my vote, even though I'm not a major donor or a corporation?
This cynicism will ruin us. We have the votes to take every single one of them out of office.
As for carrots, I think that their salaries and being above the law when it comes to sex and financial scandals is reward enough for their "public service."
That being said- I hate the bailout, but it is still better than the alternative of letting the whole financial system go down.
@Dorie Morgan - I liken it to the problem of medical insurance - there is this huge pile of money, it's as good as a big blank check. It's not the consumer's money being spent, so consumers will spend whatever providers will charge. Prices go through the roof to the point that if they didn't have insurance and had to pay with their own money, it's way too expensive. It's like a Ponzi scheme - unsustainable over the long term.
This is what government student loans have done to the price of college tuition, in my view. In a free market, a fair price is what both sides agree to. But with student loans, Uncle Sam will cover whatever you can't (or don't want to cover). It causes consumers to become irresponsible and colleges to be greedy.
@Tim- It remains to be seen. The youth may very well turn out more than they have in previous cycles. Whether they do or not, they're not a voting bloc the way that the AARP retirees are. The youth vote isn't about student loan debt.
It's not absurd or cynical. It's just realistic. Everybody wants everything - there are competing interests on every issue. And incumbents want to be reelected. I'm not saying there is a complete lack of altruism in Washington, D.C., but Congressmen have to prioritize. If you run a cost/benefit analysis from Congressman X's perspective, he's not losing any votes by giving this issue a low priority. And if he tries to fix it, he's up against 434 others who won't go for it, and if they did, they're giving someone the short end of the stick. Higher negatives for the Congressman who chooses this path. So it's a net loss for the Congressman to help college graduates in debt. Not worth it to stick his neck out if it's going to be chopped off.
It's just not a high enough priority. That's all.
So if we want this problem to be addressed, the public needs to create consequences (positive or negative) to make it a higher priority.
I would LOVE for the government to bail me out of my student loan debt, but I'm sure they only see the money I owe them as "small change" and it wouldn't do much to help the economy. I'll tell you what though, if they were to forgive my debt, it would do a great deal to help my household economy. Having that off of me would give me an opportunity to have better health care or give me a chance to actually put more money into my 403B and 401k (although with the stock market the way that it is, I'm scared to do much of anything with it).
I think this is a really interesting idea. Could that money that all these young people would be saving go to helping the economy stabilize, nay FLOURISH? I'm no economist, so I can't say. But here are my numbers:
Monthly student debt payments: $360
Percentage of monthly income: 16%
Yearly student debt payment: $4,320
Years before I pay off my student loans: 8.5 (11 if you count deferment for b-school)
Age I will be when student loans are repaid: 35 (!)
Let's just say I'd be buying a home, investing in the stock market, saving for retirement and stimulating the electronics economy a lot more and a lot sooner!
I want a bail out on my student loan, then we can talk about bailing out guys with $20 million bonuses. What a mess!
If my student loans disappeared, my life would change dramatically. Right now, a third of my income goes to student loans. If I got that money back, I would be able to buy a house in six months, I would pay off my car in one year, or I would go on an exotic vacation every three months. That is how much of a difference it would make.
The more I think about it, the more I am starting to think that it is a great idea!
I would probably follow my life long dream: to be a DJ/popstar. Hopefully that would make me famous and wealthy. More likely than not, I would be headed back to law. But without the loans, I would at least be able to find out.
@CRH - That sounds like the way I've been thinking about it.
@Holly - I'm surprised the coffee house wasn't at the top of that list! Which in turn makes me wonder, would more Gen Y venture down the entrepreneurial path?
@Beth - I think the freedom to try the life long dreams is something a price tag can't even be placed on (and if you find a way to be popstar by night/law by day, let me know)
@Josh I have a hard time believing that government loans alone have contributed to rising education costs. A lot of the price increase have to do simply with increased demand for higher education.
I would imagine a student debt bailout would have a huge impact. You have to wonder how many 20-30 somethings don't buy property because they are still paying off student loans. I think it's telling the bailout as supported by the White House is almost exclusively targeted toward bailing out only companies without addressing issues of executive compensation, direct support to affected homeowners, and others that are of interest at the microeconomic level.
The best bailout would be no bailout. Period. Bailouts beget bailouts. That first bailout was supposed to solve some problems and instead it just alerted the banks that they don't have to fix their own problems because Uncle Sam will bail them out!
Instead of fixing people's mistakes, we should reward their accomplishments and level the playing field for everyone via platforms like universal health care and free college.
@Vanessa- I'm not saying it was the sole cause, but it was a major contributor.
@Josh - What else do you think contributed to rising education costs?
A bailout is only a temporary fix, it's not a long term solution to the student debt problem.
What we really need is to reduce the actual cost of a college degree. Fixing this may require us to revisit how we earn college educations - perhaps we need more apprenticeships/internships involved in the process.
Yes, just like your grandfather said, this bailout really burns me up. Why couldn't they let all those CEO's who lived the life of luxury pay for this? Unlike you though. I'd love to see them bail out the student loan. That will have been a better use of the money. I would not have minded paying for that kind of bailout.
Evelyn Guzman
Debt Challenger
@Adam - How would free college improve the situation? Would state schools be free? What would be the requirements to get in/stay in?
@Ben - I look at the way my husband earned his "education" as a carpenter and I sometimes wish my college experience had been more like that. While he learned, he earned a livable wage and acquired and entire skill set. Now he has a career his love and no need to pay off gen-eds from freshman year.
@Evelyn - Part of me would love to see student loans bail outs but that part of me would also love to hit the lottery on a ticket I never bought and spend the rest of my days getting massages poolside. But a girl can dream.
Oh my goodness, that would be incredible but it would unfortunately only do what the current bailout is doing: continue to devalue our currency.
I think the only real solution to all this bad debt is to cut government spending and, as such, lessen the tax burden on American citizens. The tax break we could receive if the government stopped living like the country-equivalent of Paris Hilton would be more than the money we shell out for my student loan payments.
Allow young people to opt out of paying Social Security (hello, paying for someone else's mistakes!) and cut us loose of all the bureacracy that's stifling our country and economy to death. That's what I say.
I can tell you what it's like for me to live without student loan debt, thanks to a wealthy father. I live and work in an area where housing is very expensive, so I do not own property. I doubt that I would have the skills or inclination to take care of a house. I earn a decent income that is well above the national average but is considered low in my field and unlikely to grow much if I stay in my job. If I had to repay student loans as well as pay my current rent, I would not be able to to save anything unless I moved into a cheaper place and gave up much of my current lifestyle. As it is, my job allows me time to pursue hobbies that are not all that cheap but may eventually lead to an additional (or a new) income source, and I have plenty of savings. I could do better if I were more dedicated to my career, but I like other things better.
If the dishonest government officers will not bailout the student loan debt like they have every country, business and so forth that have walked the halls of our congress, Screw them!
I now consider my debt paid in full. Already contacting a law firm so we can begin suing the government for discharge of our student loan debt.
Fair is fair and business is business!
Good luck with that, Anonymous. No matter what you think you're entitled to, you signed a contract, and contracts are binding.
Sign me up for a student loan bailout. I'm so underwater with my student loans, that I don't see any end in sight. I think I will be well into my senior years still holding a student loan debt.
Here's the thing: At least make them dischargable through bankruptcy! If a person takes the chance to enter into a specific field and fails, starts a business and fails, that person should be allowed to discharge all business debt. This includes the educational loans.
Seriously, do you think there's a way current 20 and 30 yr olds can join together and become a critical mass with a voice?
Is there anyone else/ any groups working on this?
My life would be way different if I didn't have the constant anxiety of student debt.
Hey Anonymous with the law firm -- is it working.
B/c I'll readily join in a class action!
Let us know who the law firm is.
Thanks.
I would love for some kind of bail out on my student loans. I am over 80,000 in student loan debt. I have to pay 750 dollars a month just in student loans. That does not even include my husbands student loans. Or any of our other bills we have to pay to survive or to care for our daughter.
Why don't they actually bailout the American people rather than the banks and execs that have money. And for those out there saying you have a degree you can get a good job, you live in the midwest and get a job right out of college. I am lucky if I can get 25,000 a year to start off. This doesn't cover my student loans, daycare, and gas to get to my job, not to mention anything else we have to pay.
How about they actually do something to help out the real problem?! Help out the American people and the economy will recover on its own.
If my student loan debt was canceled, first I'd jump for joy, dance a jig, and sing the Hallelujah Chorus. Then I'd go shopping. Being free of that debt would change my life completely. When I first got out of grad school, I had a well-paying job, but that job died 5 years ago and nothing I've been able to find since then can compare. So what do you suppose my prospects are over the next 5 years? I've been struggling to keep up with those monthly payments. I buy shoes only when the ones I'm wearing have holes in them. I've forgotten what the inside of a restaurant or a department store looks like. Airline tickets? If only. Buy a house? Ha ha ha. When I took out my student loans in grad school, everybody I knew said don't worry about the debt -- the numbers look big now, but the economy will keep growing, you'll make good money, and those payments will be a lot easier as time goes by. Wrong.
Five years ago I'd never seen a news story about people being impoverished by their student loans. Slowly those stories have trickled into the media, so now I know I'm in good company. CANCEL STUDENT LOAN DEBT, Mr. President -- maybe past a certain threshold, or a certain number of years, or whatever might sweeten the deal. But do it. This is an idea whose time has come. Along with it, of course, universal health care and truly affordable education. They do it in Europe. Why can't we?
At least allow me to write off all $18,000 per year that I pay in interest. I can write it off on my mortgage, why not my school loan? After all, it was a capital investment, right? Also, let me refinance at a lower rate. 8.25% is killing me - and I only make $40K/year. Cancelling the debt - that would save me over $2,500/month between my husband and me on loan payments. Think of the things we could do! Boost the economy - you bet! I'd party like it was 1999!
What I believe that should be done, even if the goverment does not bail out student loans they should just put a stop to student loan payments for a year or 2 with no interest accumalating so we can then have the chance to save money find better jobs and give us a chance to have a life.
With the economy the way it is, jobs are not secure, income is low, rent is high and student loan eat almost all of are income. something has to be done, something.
I am sure if we had the freedom again to spend some money we would put it right back to help the economy in someways
I think the fair thing to do would be to do a case-by-case analysis of each student in debt. Any bailout should be contigent upon the amount, the average annual income of the student since graduating college (only those who've actually graduated would be eligible, and even then dependent on the aforementioned requirements), and an assessment of an and all honest attempts to make payments regulary. Agreed, bailouts are a slippery slope, but if we're going to talk about bailing out individuals with risky credit ratings having made loans on houses they couldn't afford in the first place, and lenders who live luxrious lifestyles from these same bad loans, then why not those of us who were sold a virtual bill-of-good for trying to achieve the American Dream, but falling short due to changing economic tides that were beyond our control?
GOT SOMETHING TO SAY?