Daily Archive: October 2, 2008

Oct 02

Do you think the free market is worth saving?

For readers who will call their Representative in Washington

This post is for activists.

Do not delay in contacting your congress person by both phone and email today. The bailout vote is coming up in the Congress either today or tomorrow and it will determine whether America continues to be a free-market economy.

First let me tell you something important about the “need” for the bailout.

I just called my bank and asked the loan officer if they could give me a loan to refinance my home.

When I identified myself and said how much I needed and how much the home is worth, they said “sure.”

I said: “the news media are all telling us no banks are lending money.”

He said “we only lend to people we know can pay us back. We don’t give ‘no doc’ loans, so we have never had problems with lending money.”

He told me the rate would be 7.3%.

I said: In other words, we have been scammed by the politicians and news casters? In other words, the only banks that don’t lend are the ones that have no doc no and down-payment policies requiring them to lend to people who can’t pay?