BAIL OUT: Round ???

Unbelievable...specifically though I am going to focus on the banks;

The latest articles has BOA and Citi screaming for more funds. BOA is said to "need $34 billion of capital to withstand a deep economic downturn", yet "has already received $45 billion of government help"...Tough Shit!

Yes, this has struck a cord with me and for a long time I debated not writing about my current situation but the time has come...

TIMELINE
2004-Purchased a beautiful 2BD/2BA condo on an 80/20 loan from Wells Fargo
2005-Refinanced with a 'douche bag' loan shark (husband of my wife former employee) that slipped in an Interest only loan unannounced to me. Yes I trusted a mutual friend and banker...stupid I know I'll learn!
2006-Attempted to sell the condo after an inflated market drove our price up to nearly double what we paid. Awesome until....the market dropped quicker than we could drop our price
2007-Decided to rent our property
2008-REAL ESTATE takes the ultimate plunge and equally sized condos quickly are being placed in foreclosure or bankruptcy in our complex for half of what we paid

DO THE MATH: Yes you read correctly...hypothetically lets say we paid $100 for our house, which inflated to $200 and is now priced with foreclosures and bankruptcy at $50. Your starting to see my frustration with the banks.

The banks created loans for people who couldn't afford homes, and so more people with more loans = more money for the banks. Now the government is throwing money at the banks to help them stay afloat = more money for banks...meanwhile people foreclose and go bankrupt driving current real estate prices through the floor. We are seeing the next problem with banks now too stingy to loan or refinance people, even the responsible people, to hopefully avoid more foreclosure or bankruptcy's. Well, their cry for more money is not being heard by me...let them fail! Many of us will still be in the same situation either way regarding our loan headaches...heck, we may even be better off when they go under!