There’s a better use for bailout funds

George Seminara, North Las Vegas

Tuesday, Sept. 23, 2008 | 2:05 a.m.

Let’s see, we (the taxpayers) are going to give the sleazy mortgage/banking companies $700 billion after giving $200 billion to Fannie and Freddie. How clever to mask socialism (oligarchy) for the rich who have ripped off the public with sleazy loans while paying off chief executives with millions of dollars for abusing the system.

You might even look into providing additional housing (jail) for those responsible for this mess — surely there are many suspects. Don’t forget AIG.

What this country needs to do is sort of start all over. Let’s take that $1 trillion and pay for appropriate adjustments to all the failing home loans (one per household). This would benefit the people who are losing their homes and filter the money back to the banks and mortgage companies. Both the victimized homeowners and the sleazy banks would win.

This would be a great stimulus for the economy — provide money to the banks for future home mortgages and provide money for the home-owners to spend in the marketplace.

While you’re at it, make sure the banks and mortgage companies are closely regulated so this never happens again. We need to put a greater premium on work(ers) and less on an economy that merely pushes paper.