Posted by IndianaRed on September 27, 2008 at 12:40:42 from (72.60.216.91):
In Reply to: Re: Bailout solution posted by trucker40 on September 26, 2008 at 17:02:46:
Hmmm, let's see. The Prime Rate is about 2%, this is the amount banks pay to borrow money to pay for houses they give mortgages on. If they lend money at 2% they wouldn't make a profit, which I know you would like, but the people working at the banks wouldn't because the bank would close and they would lose their jobs. Not just the rich crooks that run the banks, but the tellers, and managers, and loan officers, and janitors too.
"If there were less foreclosures the price of houses would come down". Let's see, less foreclosures would mean less houses on the market for people to buy. Usually, when there is less of something, (supply), more people want or need it, (demand), and the price rises.
"By the time you pay for a $50,000 house, the bank gets $50,000, time for that to stop". So people could just save up until they have enough to pay for a house with cash. I guess the Bible does say "Not a borrower nor a debtor be". So you want to be able to borrow money from someone, AND tell them how much they need or should make for lending that money? Tell you what, lend me $2,000, and I'll decide how much I'll pay you for letting me borrow it. Like 2%. I'll borrow your $2,000 and pay you back $2,040 in a year. Sound ok for you?
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