Economic Meltdown

First, I want to sincerely apologize from the bottom of my heart. You see, I am probably the one to blame for the current state of affairs of our nations economy. The domino effect, that has caused our nations economic well-being to fall into a spiral out of control, was initially caused by bankers risky mortgage practices, whose monies in said mortgages were unwisely invested into even riskier investments in the markets. When the disproportionately inflating housing market eventually burst, the ensuing foreclosure from the previously mentioned risky mortgages has put Wall Street into an almost unprecedented nosedive.

In the ensuing decline Fanny Mae and Freddie Mac required government intervention to stay afloat, Lehman Brothers has been forced into bankruptcy, Bank of America bought Merrill Lynch, saving if from impending doom and AIG is getting a shot in the arm to the grand total of 85 billion dollars to save it as well. I also have heard that Washington Mutual is the next bank that may see its neck on the chopping block.
That is when it clicked!

In 1995 I got a mortgage from Washington Mutual. I had no money and had terrible credit and was in now way worthy of getting a loan, but they gave me one. Not only did they give me a mortgage, but it was a 100% ARM loan. Of course, not being credit worthy in the first place and having no money, at the first sign of monetary difficulties, I fell behind on my payments. I tried to catch up my payments, but was not able to and when the ARM matured and my payments increased dramatically there was no way I could make them, so I lost my home to foreclosure. Shortly after that, this whole economic blow-out takes place. I am not one to run from my responsibilities. When I have done something wrong, I am always man enough to take my punishment, but I do have a couple questions.

1. The financial industry, the Fed and the government have seen this coming for at least 10 years. Why weren’t they more proactive in preventing it? Is there anyone in Washington strong enough to take the bull by the horns and do the right thing?
2. Instead of giving all these companies billions of dollars to save them, why didn’t they give that money to the people losing their homes? That way those people would still have their homes, the companies would not be in trouble, our economy would be stronger and I would not feel so guilty for having starting this whole thing.

Our country is seeing the middle class slowly diminish, while the government stands by and watches. Is there nothing we can do to stop it?