Posted by gun guru on September 21, 2008 at 16:50:40 from (68.188.232.38):
I see that uncle sam is going to bailout the big banks cause of bad home loans. I understand that uncle sam doesnt want another great depression. However......If the big banks get bailed out by the taxpayers then that just opens a pandoras box of more bad loans later, IE: more interest only loans, people that get home equity loans just before defaulting on the home. Unless new regulatory rules are put in place then it will all happen again. In short- if your a big enough corporation (and you line the pockets of the politicians) you can get your super big bank bailed out cause you loaned money to people that couldnt (or wouldnt) pay the loan back. Is Ford and GM going to get that $50 billion loan from uncle sam? I havent heard any news in several days. I hate to say this but who cares if some banks fail, why should I have to pay for defaulted mortgages? Are all the banks in bad shape. I dont think so. A mile from where I work a brand new 5th 3rd bank is being built, it looks like a palace too. The very essence of a bank makes money, loan money at 8% and pay the depositors 3%, the bank makes 5%. Simple--right? What is the deal with AIG insurance company? What did they do to get bailed out? Can somebody chime in and add to my loss of understanding. Please dont turn this into a elephant/jacka$$ issue okay. Both political parties are responsible for the economic problems in this country.
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