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House sticks it to the taxpayers! Most toxic mortgages will never be paid. Expanding unlimited credit/debt to maintain inflated real estate prices can only end in disaster. The byproduct of this back door dealing by the Federal Reserve Bank and The US Treasury will be higher prices across the board.
The truth of the matter is this is not a bailout of over leveraged real estate buyers. It is a bailout of over leveraged bond holders around the world. Loose lending practices by so many financial entities along with government regulators turning a blind eye to all the warning signs are the cause of this mess. Many did not share in the bank profits, why should they cover the losses?
Instead of solving the problem, it will make it worse. Are the financial lobbyists calling their marks on Congress? Tell the banks to sell that packaged junk on the open market. If they can’t, let them eat it, not the taxpayer. When the Big Boyz of Wall Street tell Congress to jump, the only question they ask is, how high?
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