Does Bailout means abandon or assist?  It all depends.  The banks received bailout money to assist…the banks.  The banks, in turn, use the verb bailout to abandon helping consumers, homeowners, businesses…unless they are banks.

“Hello.  I would like to ask for help to modify my loan.  I really am facing a hardship.”

“Sorry.  We don’t help people.”

“Have I reached the “We Help People Bank?”

“Yes.  But we don’t actually help people who need help.  We help people who help us.”

“But I can’t pay my loan.”

“You have to pay.”

“But I can’t.”

“Call this number 1-800-PAY-ORELSE.”

Follow this scenario:  World Savings sold loans to people.  World Savings knew brokers were altering loan applications to hide facts to get loans approved.  The economy begins its groaning.  Housing begins it moaning and World Savings sells all of its bad loans to Wachovia.  Wachovia wants to be big bank people so buys up what turns out to be a disaster where loans are going under water faster than the Edmund Fitzgerald.  What to do?  Wachovia turns to Wells Fargo for help because Wells Fargo gets big bailout money to help them. 

So, if you’re following:  World Savings makes a bundle on the sell-out.  Wachovia gets saved by Wells Fargo, and Well Fargo gets big bucks to become even bigger in the banking world and, for a time, will keep the Wachovia name active just in case it needs a fall guy.

Along comes the “I got my bad loan from World Savings” guy.  He calls (because know one — NO ONE can get in to see the Wizard) the World Savings division of the Wachovia division of the Wells Fargo Loss Mitigation Department.  

“But what about my loan?”

“You have to pay.”

“I’m under water, out of work, in debt, old, and sick.”

“I will give you an ID number.”

“Is it a case number?”

“No.  ID number.  Write this on a tag and tie it around your toe.  We will send our Recovery Team.”

 ”Will it be from World Savings, or Wachovia, or Wells Fargo?”

“Yes.”