RE: http://www.military.com/features/0,15240,184923,00.html
They are leaving nothing alone, are they? I have been in the same Credit Union for about 39 years. Leave well enough alone !

I'm very disappointed in our government, but not surprised at their actions. They are rewarding and encouraging irresponsibility and penalizing those of us that have acted responsibly.

The gamblers that lost are being funded by the people that exercised good judgement and frugality.

My wife and I have made many sacrifices in our family's life to save for our childrens education, pay off our mortgage and prepare for retirement. Now, the powers that be are telling us that it was for naught.

I should have spent beyond our means, and let everyone else pay for it.

We people of good standing can not keep paying for other people's mistakes and poor judgements in investing.

This one of the problems we have when Federal ‘regulators’ can assess "premiums". Or as one individual put it:

quote:

"We do not believe that the federal agency has a moral and ethical right to steal our members' capital," said Frank Pollock, chief executive of the Pentagon Federal Credit Union. This credit union expects to take a $44 million hit, losing a third of earnings this year, if the bailout plan stands.

or

quote:

the bailout plan "unacceptable and untenable."

The people that are repsonsible, prosperous and take care of their money are being told more and more that they need to 'bail out' those that don't.

We got into this financial mess due in a large part to the social engineering brought to us by the Community Reinvestment Act. It balloned into a program of making loans to people that did not qualify with the Federal Government threatening legal consequenced to banks and credit unions if they did not make the 'socially acceptable' number of loans to people that could NOTqualify for them.

Then the Federal Government created Fannie and Freddie, under the oversight of REP Frank and SEN Dodds (Banking Oversight Commitiees) that bundled all these mortgages and sold them as securities. THEY (Frank & Dodds) assured us as late as July 2008 that there were NO Mortgage problems. Now they want us to trust them (Frank & Dodds) to fix the problem they created.

I would ask how stupid congress thinks the American People are, but it is obvious they think we are pretty stupid.

Basically 40% of the people in this country 'pay' to provide the services to all the people, and of that 40%, the people on the top get told - 'you make too much money to need (or deserve) any of those services.

So, HUGE stimulus, raise taxes, increase our future debt and give out lots of PORK is the plan.

Any institution stupid enough to "loan" money to anyone who unable to repay it or who had no intentions of repaying it deserves to fail and go out of business.

These bailouts are just another step of implementing a Marxist government. With the election of Marx's most hailed student to the White House, a complicit press and both houses of Congress controlled by a political party anxious to follow him to the bitter end, it could very well happen within the next four years. I never thought I would spend my entire military career defending our nation against socialist oppression only to now see it celebrated on Capitol Hill.

If this bailout goes through all the credit unions that are assesed should get a piece of the U.S Central Credit Union to compensate them for their premiums. This robbing of peter to pay paul because paul was irresponalble is grossly unfair. The US Government is bailing out the banks and they are going to get a part of the banks. What is good for the goose should be good for the credit unions.