Bill – indirectly you are being bailed out. Because of the fact the banks got money from the government (taxpayers) they are not foreclosing on you as soon as they normally would. Had they not gotten a bail out, you would have been on the streets a lot sooner. Hence, their bail out becomes your bail out indirectly in the the form of the ability to live there for free for an indefinite period of time.
Yes, you are following the contract, but the bank’s bailout thereby becomes your bailout b/c of their inaction. Their inaction is b/c they are in no hurry since we gave them a shitload of money for their pain and stupidity and greed.
[/quote]
First of all, if no bailout had been made, you have no idea that amount of mess that would be made or the amount of time Bill could have stayed in that home.
We know foreclosures would have been much greater and home prices would have fallen much more spurring even more defaults and a deflationary spiral.
For all you know he could have stayed in the home for 4 years. you just can’t make that claim with any certainty.
Second, we all know if Bill moved out or the other 7 million people for that matter, the amount of money allocated to the banks would not be different. So you can’t say he is indirectly being bailed out only that he is personally benefiting from a screwed up situation that would have been equally as costly if his actions have changed. Put another way, Bills living in the home for free is not driving bailouts. So why should anybody care if he does it, unless you are jealous.
