LOL you're the one that threw the first stone. I am no more jealous of that picture than I am of BullznBears saying how great of a trader he is. It's all talk. Doesn't matter. There was no need for you to say what you said. You want to make a cute comment and then when I make a reprisal you say my jealousy is showing? LOL Maybe it's just because it's Friday evening and you're tired or something. I understand, and I forgive you for that lapse of reason. It happens. You threw the first stone. Admit that much and carry on smartly.
This is only partly a bailout of stupid "homeowners" who should never have been homeowners in the 1st place. It IS a major bailout for the scam of the CDO's, CMO's, and the SIV's they were parked in. Let's face it - some desperate idiot wanting to think he/she finally got the "American Dream" jumped at the chance to take it. Then there is the mortgage loaner - someone who deals with this business AS A LIVING - who gives them a loan with no concern for their ability to pay back because he's going to dump the risk into a securitized piece of shit (and damn well knows it). Then there are all those up the chain - risk managers, investment funds, CEO's, board of directors - ALL of whom are probably not as desperate as the chump who took the loan in the 1st place - who went HUGE into these P.O.Ss. Now, the guys closest to the top of that food chain have gotten big bonuses for the last few years for putting their companies eyebrow deep in shit - are they going to be made to return that money? Nope. No risk for them. No problemo..... So now the "free-market" gubment will devalue the rest of the public's buying power to bail out these companies - and say they are saving Joe Knucklehead who took the loan - and not every 3-piece-suit idiot up the chain. (Though maybe they are not idiots - they did get their bonuses after all...) Happened with all the other financial institution created "crises" in the past. This one is no different. The public is the fodder for the elites.
True. Maybe they are smart. I mean, they really didn't lose anything. Their bonus last year was probably 10-20 times my annual salary or more.
These guys are reckless gamblers at best, and dishonest fraudsters at worst. They should be getting jail sentences, not bailouts. This applies to the people at the top as well as the bottom. And all the regulators, central bank staff and politicians who were asleep at the wheel need to be thrown out and pensioned off as well.
A stock broker gets sued because he put you in Worldcom or Enron and he should have known that was too risky for your investment profile. BUT Its apparently ok for shady lenders to hand out loans to people who CLEARLY cant afford it. Now they lose their home and their credit is shot for the next 10 years.
BUT - have they (the upper tier/politicians) EVER had to account for these scams? Nope. So it is risk-free for them to create them and profit off the hog before it blows up. And when it DOES blow up - pass it onto the public. Can't lose - so why stop?
Now i fully understand the "American Dream". The country with the unlimited possibilities. Till now i saw only the positive unlimited possibilities, now i see there are also negative unlimited possibilities. For many apparently "the American Dream" has become rather "the American Nightmare".