There is this popular idea that banks are in business of giving people credit.
Let me get one thing straight: - Banks are in business to make a profit not to finance your life style! The idea that giving financial institutions a 700 billion bailout will turn your credit life back to what it was 2-3 years ago is not only naive, stupid and ignorant but extremely dangerous at the same time. The only reason you are still in your house right now, even if you are late in your payments is because banks are stuck with too many bad loans and can't afford to have all these houses run down and vandalised. So basically right now you are house sitting for the banks until the bailout comes in. The moment the government bails out the banks out of those bad loans you'll be out on the street before you could say "foreclosure" A new social order will be established. People with credit on one side enjoying all the benefits and comforts of having credit and people without credit on the other side basically f$#@.
So if you have credit problems now rejoice, cause the government its about to fix it for you - No more credit, no more credit problems! TA DA!
Of course there will be the occasional exception to the rule eg. Wining the lottery or getting a fat inheritance. Then the banks will be more than happy to give your credit back ( read -have a piece of your money) BTW A little known and talk about fact. One of the first thing Bush did when he took the power is to change the bankruptcy laws. Many of you will find out pretty soon that bankruptcy is not an option any longer. YOU WILL PAY FOR THE REST OF YOUR LIFE. Kinda modern slavery without chains. So all lets give credit where credit is due. A masterfully crafted scam - they get the 700 billion you get the tab - well done indeed!