Response to Keith Stern's letter
To the Editor:
A response to Keith Stern's letter of Oct. 4, 2011: Did you really expect Leahy or anyone else in Washington to listen to you? It makes too much sense. They do not understand common sense unless it is in a 12,000 page bill, which they never read, hiding millions in giveaways. They are all in the pockets of the banks, car makers, oil companies and the millionaires.
Mr. Stern you were right that the homeowner could have paid back the money, helping the banks, over time or at the sale of the home. Again too much common sense.
Yes maybe banks are too big to fail, according to the government, but maybe if a few went under, the others would learn no one is safe. Just ask the hundreds of home owners who have or are, going under. The percent of homeowners underwater is about 68 percent. This means they owe more that their homes are worth.
Yet the government bails out the banks, car makers, gives millions of dollars in tax breaks to oil companies and the millionaires, while the homeowner is fighting for his life.
I have a friend, 63 years old, whose house payment is going from $930 a month to $1298 and he gets $1300 from S.S.D.I. Now let's see ... he needs to buy medications, food, and pay his every day/monthly bills, not to mention Medicare payments, and don't forget heating season is coming up. How long do you think he will last as a homeowner? Don't say refinance, he's tried and the banks said no.He has already said that he is thinking of just locking his doors and walking away. Hopefully not as another homeless.
If the government had invested in the homeowner instead of the banks, people would have be able to pay the banks and most of their bills. Even if they went to any store, be it local or big box, and spent the money they would still be stimulating the economy, mostly China's. But they gave the money to the banks who now refuse to lend it out unless you can jump through all their hoops. Good luck with that!
The federal government does not worry about you or me or the carpenter down the road. All they worry about is themselves.
As far as Leahy, Sanders,or Welch are concerned, if you don't live on the western side of this state, you don't deserve much help. Not as many voters.
Now you have Bank of America putting a fee of about $60 a year on purchases made with a debit card, all this, for the privilege to carry their card. The money spent is the depositors hard-earned money not the bank's. The fees paid to the bank are also the depositor's money.
If the government gave half the money they give to other countries, some that don't even like us, to the homeowner it would make a big difference, but again our government tries to buy friends and this again comes down to common sense. Washington has none!
Sorry, I got off the point for a minute. I do agree with you Mr. Stern, when you said the government says the banks are too big to fail, but the homeowner is to "important to fail." If you can get the government to understand and listen to that, more power to you.
Keep smiling and again, remember I am from the bank and I'm here to foreclose on your house because I can, and don't worry about us banks, the feds will bail us out, because we're too big to fail. My bank is bigger than your bank.