Bailouts Still Hurting American Families

Browsing the Huffington Post... There is a complaint of racism in the mortgage foreclosures by Janis Bowdler (Deputy Director, WBPP) that is widening the gap between the number of Black & Latino owned homes and Caucasian home ownership in the USA.

While I believe this to be true (the widening gap) I do not believe it is based in racism as greed and self-promotion couldn't care less about race.

Our so-called leaders had an opportunity to help prevent average Americans of all races from losing their homes and it may still possible to stop the further loss of homes and saving accounts. There was and is only one answer to the mortgage securities crisis that caused and is causing families of all races to lose their homes.

A moratorium on foreclosur­es.

There are many reasons this is a good way to help Americans and improve the economy.

1. People would be able to stay in their homes, so families would not be uprooted, traumatized and homeless without an address to put on a job application.

2. There would not be a flood of homes on the market driving down prices wiping out trillions of dollars in overall value.

3. The financial institutions, who are mostly responsible for the crisis would not be double dipping into middle class America's wallets. (Pay & Pay, then Take it Away).

4. Fairness: The government will use borrowed money to extend unemployment insurance payments for periods up to 99 weeks, but will not prevent the banks from taking the unemployed person's home while they try to get back on their feet. We know the governmen is willing to take the "property" of a corparation and give to someone else. This is precisely what they did in response to the GM bankruptcy.

5. There would have been no need for the bailouts. Today most of the bailout money has been paid back, but no one is saying how the banks became profitable enough to earn hundreds of billions of dollars in profits that allowed them to pay back hundreds of billions of dollars in TARP loans. Thia tells me that TARP was not needed in the first place.

Speaking of TARP, back in the spring of 2008 our leaders said were looking for a way to save the homes of working families and after several minutes grueling brainstorm­ing they came up with a plan to bailout those responsibl­e for the mortgage mess instead. Somewhere along the line, they totally lost the working families that they had claimed they were helping.

Since that time they have been patting themselves on the back having claimed to stop a recession from becoming a depression and seemingly not noticing that millions of Americans lost their homes and their retirement savings.

On top of that, the working family received a real kick in the head from those same bad actors at the financial institutio­ns. Bad actors who did not lose their jobs, homes and savings, are getting those homes to resell again. Any equity and investment that a homeowner had in their home is wiped out completely. Those same bankers are fat and happy and sitting on their bailout money and minimizing their own risk instead of reinvestin­g it in a major way. This another reason the recovery is so slow. Could it be by design?

If congress and Presidents Bush and Obama really wanted to help working Americans they would have stopped foreclosur­es and allowed the CEO's and Executive VPs to sink instead. There would have been no depression­. Only new faces with a renewed sense of responsibility running those financial institutio­ns, something this country drastically needs. And the recovery would be well on its way to pre-bailou­t levels.