The $700 billion that Paulson and Bush push thru congress was nothing more than robbing the US Treasury before Bush leaves. The banks made bad business decisions and should have been allowed to go bankrupt like BAC. Investing peoples savings in toxic debt is always a bad idea.
The Federal Reserve has recently reduce interest to almost zero percent to induce banks to lend. Are the banks lending? No. They are using $700 billion for TARP to buy other banks and pad their balalnce sheet plus 5 star resort vacation in Phoenix.
If the banks were lending than anyone can go online to bankrate.com and put in their zip code and see how many banks are offering 30 year fixed mortgage and at what rate.
Texas is rather a healthy market but when I went to find banks offering their rate. Only one bank, Chase offering 30 year fixed at 6.5% pretty high considering the Fed is lowering interest rate to zero and the $700 billion to spur lending.
You are right about social security, all the money wasted today bailing out the new york fat cats will be money that is not available to pay our social security benefits later. We have paid into that ponzi scheme all our lives, and just like Bernie Madoff, when we want our money back, the US Guv is gonna stiff us with a needs test. Ah say Hell NO to a needs test....the only thing we do not need is the liars in washingAss stealing our money...