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Originally Posted by Cynthetiq
...yes, again, I don't think that the taxpayer should be picking up the bill. The companies took the risk as did the "investor" they IMO BOTH lose. If there's fall out from that, there is fall out from that, but please in god's loving earth why are you going to let people believe that if things get bad, the government will just bail everyone out, and those that default on the loans can just walk away and take the bankruptcy hit.
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For the record, I dont support government bailouts. I would support reasonable temporary relief measures for some home owners...depending on what those measures would be.
I do support strong banking regulations to minimize future need to even raise the issue of bailouts....but I dont want that regulatory enforcement power in the hands of the Fed Reserve.
From the article on Phil Gramm
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As a thriving bank exec and presidential adviser, Gramm has defied a prime economic principle: Bad products are driven out of the market. In John McCain, he has gained an important customer, so his stock has gone up in value. And there's no telling when the Gramm bubble will burst.
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And I am looking forward to the Gramm bubble bursting and coating him in slime...with a spillover on McCain, who has his own S&L scandal history.