"Bailout." I must have heard that word 500 times in the last month. Everybody is talking about the government "bailout."
Do I wish it wasn't needed? Of course. I'm sure all taxpayers wish that. What would have happened without it? Nobody knows. All I know is the government didn't give anybody any free money as the word "bailout" suggests. The government did loan numerous financial institutions on Wall Street billions. Terms of the loan included 5 percent interest on the principal for the first three years and then if the money is not paid back, terms go to 9 percent for the remainder of the loan. Anyone who has had money in the stock market this year I'm sure would be very happy to have the chance to get the same terms on their money that Mr. Paulson and his team negotiated for the taxpayers.
The "bailout" was not to be used to "remortgage home loans at a lower rate" as was stated in the "My Turn" article in Monday's paper. The money was to be used to buy bad debt that was on the major financial banks balance sheets so that they would start lending money again. The bad debt occurred due to many reasons, none more important than ordinary citizens (taxpayers) buying more houses than they could afford. Were they "duped" into buying them? Some were, but bottom line is you are responsible for your actions and it's like drugs -- just say "no."
Most of these homeowners were very happy to buy a house they knew they couldn't afford in 3 years when their subprime mortgage adjusted upward because their house would appreciate in that time and they could sell it for a profit before it adjusted. Most people will call it bad luck -- greed and stupidity
Michael Miller,
Mifflinburg
Opinion
Who's responsible
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Good-paying jobs
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Economy is tough but still pay rises
It was my first time attending a Lewisburg School Board meeting last night. I went to hear public comment on the Boards recent decision to extend the Superintendents contract, which included a 20-plus percent pay raise.
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Sunbury has a lot to offer
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Mutual aid is necessary
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Lifting me higher
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Understaffing
I read with interest your article regarding police mutual aid in Northumberland County.
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Carney, Marino ought to get focused on issues
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Blatantly unfair
The Pennsylvania Republican Party is supporting an effort to strike third-party candidates from the general election ballot in November.
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Fiscal responsibility
This editorial letter is only the second such letter I have been moved to pen in my lifetime.
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Schools need a little help from home
Milton High School failed to meet its adequate yearly progress under Pennsylvania's version of the federal No Child Left Behind because one student did not show up for the standardized test.
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Good-paying jobs
