Consumers made poor choices when they secured loans for their homes. If this is you, I'm sorry, but it's a choice that YOU made. Mortgage companies made poor choices when they wrote loans to people who in the long run had absolutely no business getting those loans. That's their choice and the consequences should not be bailout but should be bankruptcy.
Thursday, September 25, 2008
This "bailout" of the mortgage industry is another nail in the coffin for Capitalism in the United States and gives Socialism a big boost! Where does the money come from for this bailout? Well, it's coming from you and me. Oh, but the big G (Government) is going to pay us back you say? Yeah, OK. Um, the Federal Debt (BTW, fittingly, the national debt clock website (http://www.brillig.com/debt_clock) was down when I just checked it - must have melted under the new 1.4 Trillion dollars added from bailouts) stood at this writing at $9,795,500,413,374 (http://zfacts.com/p/461.html). Yeah, you're right. What's another $1,400,000,000,000. To me, that's a lot of zeros.