Get Ready for the World Biggest Money-Grab!
Just when I thought we couldnt get screwed any worse, Bush is about to use taxpayer money to bail out and reward Companies who did stupid and unethical things. The people who actually hold those mortgages wont get any releif, but the burden of this whole fiasco is about to be put on the Middle Class....or more likely the Children of the Middle Class.
Not only are we borrowing money from China to pay for this war, but we're borrowing even more to pretend our Economy is ok. George Bush has the Country living off a credit card and doesnt care about the bill because he will be gone by then.
Be very afraid when the Administration is moving this quickly and the Stock Market jumps 800 points in 12 hours...They know who's getting the money!
5 comments:
e-
for the most part you have pretty insightful commentary on the world. on this topic, you're off the mark. consumers that know the terms of a mortgage (both good and bad) at least had a chance to review the terms of the contract. consumers who had stinky mortgage-backed investments, be it in the personal portfolio or though their company sponsored retirement pan or state funded pension) never had the luxury of making an informed decision on owning these subprime investments. the bailout will cost far less than allowing the cycle to run its course with no intervention.
jg
jg-
It really doesn't matter. Someone out there is making a lot of money off of this and they are taking it from me. Or would be if I had a job in this horrible, horrible economy.
-l
JG,
I realize that some kind of bailout is necessary. I'm lamenting that alot of these investment companies are getting off the hook.
Bundling stacks of shitty no-doc mortgages and passing them off as AAA investments is a complete crime and some of these guys should do time.
Now that we see the 700B price tag, it's a real wake up call. These same people will try to get the GOV to buy into every crime they perp'd.
The sad part is that John McCain (R-Ariz) wants to deregulate health care, just like he wanted to deregulate banks and heavy industry ten years ago. We're seeing how THAT's worked out for us... (Anyone remember people dying in mines? It's 'cause they deregulated. Mortgage crisis? Deregulation. Banking meltdown? Deregulation. McCain WANTS deregulation. Always has.)
Leonese- if you have no job, you're not paying taxes and therefore not affected.
E- I agree. The CMO/CDO debauchle will hopefully end with prsecutions, or at least hefty penalties from the SECOND, which is what the Dems are asking for. Chris- I agree, except the irony in this case is that the bailout isNot what Republicans want, which equates to yet more regulation. The fact that this is even passing is surprising in a Republican run executive branch...jg
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