Wednesday, December 3, 2008

Letter to the Editor at Radio Chicagoland: who is remembering the little people in bailout frenzy

Hi Mr. Hanania:

Here is the life of an average American middle class family.

My husband lost his job in February again due to downsizing. He fills out a 100 resumes and gets no response, jobs are not available in this economy. We decided to try and open our own business. After much research we decided to open a Cici’s pizza buffet. Something that would cater to the average middle class, that is family orientated and something that we can own as a family and have a pay check. It would also create jobs in our neighborhood. We have been dealing with this adventure since April.

We were pre qualified in June and started investing our own money into this project, right now we have $50,000 invested.

In June we got dropped on our butts by "Cit Bank" -- in an e-mail, which is worse -- that they will no longer give us a loan.

At this point we go to a broker and request help for a loan. Told again we were pre qualified. We start proceeding with the site that we are going to open this store, we begin lease negotiations and now they want full commitment that we are going to get the loan. We call the broker that said hey no problem on the loan and we are told, expect a small refund from the broker fees because we can’t help you.

Hello, this is a broker if he can’t find me a loan who can? Which leads me to my next point. During all these months that I am struggling I turn on the t.v and hear about all this junk on bail outs.

I sat there saying don’t do it, I’m going to be the one paying for these banks that made their own mistakes, why should we bail them out, what about us. Then I hear how it will benefit the middle class people with loans and the economy.

BULL, I have been rejected from 2 banks, a broker and have made about 20 phone calls to banks that say sorry can’t help you. I have been trying for an SBA loan and have even resorted to conventional.

My house that was worth $450,000 is now only worth $220,000. My profit sharing that I can’t touch with out penalties was $80,000 and is now down to $50,000. I needed only 20% down for a loan, now they want 30% down. So now I have $50,000 invested, can’t get a loan, can’t walk away because I will lose all my invested money, no job, no income and no where to go. My children have sacrificed which is hard for a 12 and 15 year old but figured in the long run it would pay off.

This Thanksgiving while families were getting together, we were home filling out more loan applications only to be denied. So please tell me this? Why did we bail out these big wigs? How did I benefit? Where do I go from here?

There are three other people doing the same adventure that I am, in Illinois and they are having the same problem.

We talk about this economy being bad but then again we won’t help the people that want to create jobs for themselves and for other people. Nobody is willing to help. And you know what’s worse? It’s when someone says talk to your politicians, express your concerns; let them know how you feel.

Again, BS. I have NEVER heard back from a politician when I have voiced my concerns, I’ve only did it a couple times but in my opinion they don’t care. This economy is going down the tubes and everyone is in denial.

Thank You

[Ray Hanania comments: LM, I completely sympathize with you. No one cares about the average American, the middle class. They don't care about the small business people, either. It's all about the big companies who have made the big donations and partied at the big suarees with the bigshot politicians and their pals who are being helped. Not us. I am so sorry to hear about all these hassles. Rather than help the banks and bamking industry, they should help business people like you.]

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