Nice, we reward bad judgment and poor planning. Another insult to good people that handle their affairs properly. The bailout should consist of cardboard boxes, laid end to end on the banks of the Mississippi, Folks, this is your new home, no money down, no mortgage, and all you can eat.
i don't think its the homeowner they are concerned about...I think its the large banks that are holding worthless deeds that could fold if something is not done
If a few deadbeats can bring down a large bank, then those banks are not fit to survive. Why were they lending my money at low rates to scum buying overpriced shacks?
the problem is not a 'few' deadbeats...its MILLIONS...and more importantly, its all these mortgage companies with bundled loans
Well, assuming you are correct, why did we allow these deadbeats to put us non deadbeats at risk? Hmmmm. Fk the American Dream. No tickee, no shirtee
calm yourself! I agree with you...I think they were totally unregulated and out of control....but the main focus is making sure some of our largest financial institutions ( ie. top five banks and brokerages) do not go under..that could cause depression ere type of panic...Think about the panic that the Enron and Wcom collapse caused on the market.....now imagine if it was Chase, Jp Morgan, or Citigroup???
So? Pain is healthy occasionally. God knows Americans need to get hurt. At least it would shake up the rotten system.(Which is why they are not gonna allow it.) I am all for steering things up. Lots of Americans lack the common sense and that is because THEY NEVER FELT THE REAL PAIN.
A few major bank collapses would be extremely healthy for the American economy in the long term. Bailouts just encourage reckless speculation, mediocrity, and horrendous misallocation of resources. The institutions that f*cked up should be allowed to go under, and their CEOs and executive board members brought to trial if evidence of wrongdoing emerges. No one bailed out Worldcom or Enron, and their CEOs got sent down - that sent a clear message and accounting standards and investment banking conflicts are much less of a problem now. The same needs to happen with the banking industry - let them be hoist by their own petard, then hang the crooked ones out to dry. Maybe then in future banks will employ responsible, financially prudent executives as their leaders, rather than salesmen whose only priority is to grow revenues without regard to risk or the safety of the financial system.
I think most institutions fucked up. You are only insured up to $100k by FDIC. Imagine all these people and businesses around the country that have alot more than $100k on deposit lose the bulk of their money. It would make the great depression look like a picnic.