Heh, wall street is about to go belly up and the govt wants to save them. The fed wants to bail them out immediately but there seems to be some resistance to being rushed, in congress. I view this as a good thing.
What with the executives of the companies, banks and investment houese getting huge bonuses I don’t think anything should be done for those firms until all of the bonuses are paid back. Why should the be rewarded for what amounts to gross mismanagement?
I tend to agree with this guys opinions on wall street and the finacial mess they caused. It’s a damn shame greedy, thoughtless people can cause such huge problems for our economy.
Aktho I don’t blame the finacial institutions 100% as it was congress who relaxed the restrictions on what they could and couldn’t do. When you can leverage one loan into 30 more loans that means they only had, at most, 3% equity in the other 30 loans, if that much.
Not they want/need 700 billion of our tax money to get the problem solved. No matter how much the fed calls it a loan it’s a freaking bailout and shouldn’t be done until a complete and thorough investigation of any wrong doing is finished. Any one found to have violated any law at all should be prosecuted and given the maximin sentence.
Lol, perhaps they should be prosecued under the Patriot act for enabling terrorism and threatening the national security of this country. That 700 billion loan they want would have gone a long way to making us safer and find more and better ways to reduce our dependence on foreigh oil. That dependence is a huge security risk.
Funny that we can find 700 billion to bail out the greedy wall street idiots but we can’t find the money to rebuild our crumbling infrastructure, make out food supply safer or do the other things we need to be doing to help people in this country. I might be worng but to my way of thinking bailing out the wall street thieves shouldn’t come before the things the people of our great country, need.
No, I haven’t forgotten the people who invested in these firms. They expected to get big returns back. Now big returns only come from risky investements, at least most of the time, so I see no need to worry about people who gambled on the investment houses. They sure as hell wouldn’t get their money back if they lost it at a casino. Wall street and investment houses have become the biggest crap shoot around and evidently the odds were even less than winning big in a casino.
Now for the people who bought houses because all they had to do was pay the interest on the loan for the first few years. Yep, they wouldn’t have qualified for a loan through normal circumstances and they knew it and they gambled on getting raises and better jobs and their houses appreciating enough so they could refinance. Sorry folks but that seems to me to be no different than gambling at a casino.
So Wall street, the investement banks, the investors and the people who bought houses all gamled and lost. To bad, to sad. Suck it up, quit whining and deal with it. Don’t expect any of us to be glad about bailing out a bunch of dumbasses who tried to get a free ride or take the cheap way to riches.
About all I can say is perhaps all of the people involved, including home buyers, should be required to atend 6 months of gamblers anonymous. Personally I hope congress investigates the hell out of the whole mess before giving anyone a dime. Partiularly when the fed chairman admitted he doesn’t even know if the bailout will work, or not. Sheesh, more gamblers.
Isn’t that what got us into this mess to begin with?
