I figure I need to chime in on the economic crisis thing... I think maybe we should be outraged. We should probably be outraged about a lot of things but this seems like something we should be really up in arms about. Let's recap... Ok, so someone gets this bright idea. Let's give everybody mortgages they can't afford and while we're at it, let's get them neck deep in credit card debt with outrageous APR's and lines of equity based on the worth of their property that they have no business having in the first place. Let's tell them it's all good and they don't really need to worry about that balloon payment or the highly inflated interest rates that will kick in in 3 or 5 years. We'll make a lot of money... in fact we'll be rolling in it. Not just rolling but bathing in it. We'll have so much money, we'll use it to wipe our butts because we just have that much.
I don't know who these people are and I don't where they are right now, but I think they are laughing a big hearty laugh. Ohh, one little problem... now the banks don't have enough liquid assets to cover all the foreclosed property. They never wanted that property, they wanted the interest off it. But since the whole country is in deep debt from trying to stay afloat while being pushed under by APR's, medical bills, credit card payments and geeze, I don't know, maybe food bills, people simply aren't paying all that interest. When push comes to shove, food trumps the credit card bill every time.
So the government has to do something to keep the whole shit-wad going. Yeah, $700 billion ought to do it. What? We don't have $700 billion? Well, then just print some more money. There. Fixed.
Riiiiiggghtttt.
I'm all for helping out "Slow Joe" next door. He got suckered into his mortgage by the schmuck down at the bank. He did not do his homework and he was not being smart when he sign those papers, but does that make it right for the bank to get him in so deep? If that $700 billion were going to pay off all those crappy loans so the general public could keep their houses, I'd say fine. Do it. Print more money. In fact, print all you need to make it work.
However, I am highly opposed to corporate well fare. Bailing these guy's out every time one of their evil schemes goes awry is getting old. It's always under the banner of "It's what's best for the American Public". Boooring... Can't they just say, "Well guy's, they screwed us again. We have to help them out because they pay our salary in kickbacks through the lobbyists and we owe them big because they are going to hire us to go on a speaking tour for ungodly amounts of money when we retire from office and don't forget, we need to help them because we are going to find some loop hole in the law to take a lot of money from them for passing laws that screw with the environment and undermine the lowest paid workers so they can save a few bucks here and there." It's going to be rad.
Can't we just get them a bucket and let them do the bailing?
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