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Ordinary people lost their life savings and pensions because of Wall Street? Please explain.
Most who lost their homes had no equity in those homes, not even a month's security deposit, typically required of renters. People were using their paper equity like ATMs to live beyond their means.
And the government took these losses off the books of the banks and made taxpayers responsible for them through F&F.
Status:
"everybody getting reported now.."
(set 19 days ago)
Location: Pine Grove,AL
29,549 posts, read 16,533,663 times
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Quote:
Originally Posted by joeymags
Hillary and Bernie are literally tripping over themselves to showcase their support for bailing out the auto makers, which ultimately cost tax payers $10bn. Failure of the automakers really would not have been systemic, and would not have impacted people not working in these industries.
Bailing out Wall Street actually earned the tax payers a return. Also, a failure of the banks would have absolutely have been systemic - and would have impacted many more businesses and individuals than the auto makers failing.
Now you can disagree with the Wall Street bail out, there's no right or wrong answer - but I don't understand how there can be such a double standard - well, of course I understand, it's just political pandering. Hillary was just on stage now and basically said she would bail out the auto industry anytime they needed it.
the hypocrisy would be on Sanders.
He is the one who argued that he would not have bailed out wall street.
Also, the Banking industry is one that directly employees workers, were as care companies for the most part, simply design and assemble.
You have to remember that Bridgestone,NAPA and Auto parts stores directly benefit from the existence of those companies.
There was no increase in income taxes nor a corresponding cut in spending to effect a bail out, no different than how the Iraq War was funded.
The funds were borrowed.
Who pays back government borrowing? Funding the Iraq war is criminal as it's all put off for future generations to deal with. A bunch of cowards. Bush should have been impeached when he said we could fund it "off budget".
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