May 23, 2011
I’m writing because my family and I were affected by the economic collapse of 2008, and we don’t want it to happen again.
Wall Street greed and outrageous pay practices were a major cause of the collapse. One way to change the incentives so they don’t collapse our economy again would be to delay the bonuses for three, five or more years. That way, we’ll know if the loans they made in year one remain good. In the bad days, bankers paid themselves on the volume of loans (mortgages) they generated, not on their quality.
Thank you for considering my comment, I am 47 with a wife and two children. From age 15 until May of 2010, I have always had a job that would support myself and my family. We purchased a home in 2004. A home we could afford. We never missed a payment and actually made additional principal payment for three of the six years. I and my wife are college educated. We are out of work, on welfare and after a year are finally going to close on a short sale of our home. My job loss and financial ditch were not dug by my actions. I lost my job as a result of the “Great Lie” of the housing bubble that many knew of and did nothing to rectify as well as the audacious dispersal of “bonuses” to those that poison the cow after milking it dry. So much for the mindset that we need “less government regulation and intervention” I have read comments that “perhaps not everyone should own a home” Thank you for the signed death certificate of the American Dream after harvesting its organs for nothing less than the shear profit of the day.
Todd Gabhart