700 billion dollar bail out, nothing but government garbage

Personally I am completely against a government bailout of financial institutions because they should have known better that the mortgages they financed were bad to begin with and they should take responsibility for those bad loans. Instead we have the mentality that says "the devil made me do it"type of mentality where no one wants to take responsibility for what they do. The only thing it does is going to help other financial institutions not the American public. As a landlord for over 30 years experience, I regularly check people's credit reports to make sure that they can pay the rent. Not only that I check them out in the courts to see if they have been evicted recently or how bad they have been otherwise. All of these things I take into account to determine if I will rent to them. First of all they had to meet my minimum financial qualifications and secondly if they were evicted it has to be at least over three years ago. They must also have a fairly clean criminal record concerning drugs or violence etc. If they don't meet these criteria, they don't get the rent from me.

Apparently banks and financial institutions never checked people's financial or credit reports to determine whether they were capable of making mortgage payments on their housing loans. Unscrupulous mortgage brokers were granting loans to anyone who walked into the office regardless of their credit history neither they nor the banks and financial institutions including those institutions that ensure these loans ever did their homework. And now unfortunately we have a plethora of foreclosures.

What I really can't believe is that the government wants to bail out these financial institutions. If these companies made bad loans they must pay for it one way or the other including going into bankruptcy. I don't think the American public should have to pay for this. I don't want my tax dollars bailing out some financial institutions bad decision. I think it's garbage. My suggestion instead is to let these companies go under and instead use the money wisely to help those in need keep their homes. I think those people who are disabled or retired or had excessive medical bills that have caused them to go into debt and not able to pay their mortgage payments and therefore put them into foreclosure should be helped first. Other people should meet certain criteria in order to be helped. In this way we protect ourselves from the scam artists and other unscrupulous people looking for freebies. In closing I do not think this bill should pass as it stands. And I strongly think that the financial institutions who were the cause of this debacle should pay the price, up to and including bankruptcy. Let the chips fall where they may.