Until they address the real causes of this "economic meltdown," which are the bad loans the banks insisted on making (funny what happens when you make loans to people who really can't afford them isn't it?), the endemic culture of greed on Wall Street and in corporations in general, and the lack of regulation and oversight in the financial sector, then no progressive or liberal lawmaker should embrace this bail out.
When the FDIC took over Indy Mac bank they aggressively looked through that banks mortgages and sought out those who could pay for their homes if the sky high interest rates were brought down, the same thing should be done now. Making thousands of people homeless isn't a smart solution. If some of these people who got these bad mortgages can keep their homes by having their interest rates brought down then ever effort should be made to save them. Home ownership is still the best option for many of these people, we all benefit when people don't default on their home loans.
Or maybe they should just do nothing until Bush gets out of office because if he and his people handle this bail out like they've handled the war of terror on Iraq, Katrina, and everything else then we'd probably be in a world of hurt. And the other upside to all of this is that the longer this drags out, the more it hurts McCain.
6 comments:
Amen!
It'll be interesting to see where this goes.
I wish someone would just say "you know what? Fuck 'em. Let 'em crash." That's the only way we're going to remake this screwed-up system of ours, to let our old ones burn. Then we do what you said--go through and stabilize these interest rates at affordable levels so people can keep their homes.
Fucking fuckers.
Wishing you luck with your election...ours is just as messed up.
hey, i just want to know where my economic bailout is. unemployment only goes so far. :(
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