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And SURPRISE! ...you did it this month. No shots were fired, no swords were crossed. Mainstream media yawned.
"Pish-Posh, 'tis but a paltry sum."
In a surprise announcement early Friday, the Federal Reserve said it would inject about $200 billion into the nation’s banking system this month — with more to come after that — by offering banks one-month loans at low rates and in return letting them pledge mortgage-backed bonds and even riskier assets as collateral.
Exactly we paid for the forclosed houses when we bailed out the Banks and paid for them again when we bailed out AIG, so they could bail out the Banks again.
Exactly we paid for the forclosed houses when we bailed out the Banks and paid for them again when we bailed out AIG, so they could bail out the Banks again.
Those homes belong to the taxpayer,
...which is another reason why the mortgage industry needs to be nationalized.
or the government should have no part in it whatsoever except regulations that encourage transparency.
That isn't going to happen when you can have fat, no work profits in the mortgage industry. If you are going to mis-allocate credit this badly, it may as well end up a revenue, shifting taxes off the rest of the economy. Rubber stamping promissory notes isn't too hard since the market sets the value of the real estate rather well for the existing market conditions. That could be solved with monetary reform.
Per the guy complaining about deflation... Doesn't that mean my savings account would be worth more for a change? Bout time us responsible folks finally get rewarded...
...which is another reason why the mortgage industry needs to be nationalized.
Just like banks, GM and Chrysler as well as pretty much the whole solar industry?
How's that working out for us? It seems to lil' old me that anything the government touches turns to shat pretty quickly and ends up only benefitting those in government or their buddies.
Am I wrong???
It will take many years to know what the ultimate cost to tax payers will be. It could be nothing, there could be a profit, there could be a modest cost, etc. Some of the bailouts during the depression actually generate a small profit or were tax payer neutral before they were closed.
The reality of this bailout is that its unlikely to cost the tax payers much more than the recent economic stimulus package did.
Profit? How do you get there might be a profit? To the homeowner, perhaps, but not to the taxpayer.
A behavior that is rewarded will be repeated. Borrowing more home than you can afford, with no punishment for failing (in fact, being rewarded) and no reward for succeeding, will guarantee that this will happen again.
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