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Originally Posted by Tchocky
I guess that ensuring the survival of certain financial institutions is necessary to for economic stability. As a basic action, a bailout can save on pain. Whether or not a government can do it properly is a different matter.
Remember that bailout money isn't just flushed down the Wall Street toilet, the US gov't got an 80% equity stake in AIG as part of the rescue deal. They're buying something.
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Problem is- they just don't what yet.
Guess we will find out eventually but when the general consensus is that "the banks can't sell it to anybody, for anything" I have serious doubts that when we open the bag and look inside- we will pleased to finally understand the reasons.
Amazing that the government could not do anything to intervene BEFORE people were left in the streets because it would have been a budget wrecker. But, now it has become a problem for the banks who made the loans in the first place suddenly the budget doesn't matter- just the bail out.
If the banks had been willing to work with people to keep the interest rates down for people who had been making the payments at the original rate- instead of insisting that the borrowers had signed the agreement and we shouldn't feel sorry for them when the rates go up... much of this "bad PAPER" is due to the banks own short-sighted greed. More is from their immoral efforts to trick the least of us into believing that they could be a part of the American Dream and luring them into loans they could not afford while the banks felt certain that it wouldn't matter to them (the banks) because the property would only increase in value and no matter what happened to the little guy that they (the banks) would profit regardless.
The story is deeper than first blush- the path to this place has more twists and turns than the 3 page proposal that the administration has suggested would lead us to believe. The bigger the rush the more suspicious I am.
Every one of us knows why you never buy a pig in the poke and that is what we are being asked to do... but we better hurry! No time for careful evaluation, no time for a closer look! Just sign right here!!
Yeah- we were all born yesterday. This is Bushes last great gift to corporate America. Merry Christmas all, and to all a good night. We will have time to worry about the real issues tomorrow, but we won't have the money to be bold then, will we? Nope, and the reason is that Bush is hijacking our future and limiting our options- locking us in as it were, right this very minute.
I hope that our lawmakers have plenty of coffee to keep them wide eyed and alert as this one is debated, because we sure have not been able to trust this administration on anything. Not from foreign policy, not on domestic policy and absolutely NEVER when they swore they had the answers or the interest of the middle class in mind.