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It's also important to realize that both parties have their fingerprints all over this mess. There is no reason, other than blind partisan loyalty, to insist that anyone's hands are clean.
Phil Gramm's wrecking ball of a bill got signed by another Bill, then the Bush administration was not particularly interested in anything that did not fit its objective of creating an "ownership society" because we needed everyone in a house they "owned" - regardless if they had the means to do it or not - to make it look like we were a more prosperous nation than we were.
After the derivatives allowed lenders to spread the risk elsewhere, nobody needed Fannie or Freddie to get them in a house they couldn't afford. It was for everyone.
Turns out the "ownership society" ended up owning us, and we're all chipping in to pay the rent.
Which brings us back to, why should Fannie & Freddie get another bailout, if not for the president to help his banker fat cat buddies on wall street and in the Fed.
Which brings us back to, why should Fannie & Freddie get another bailout, if not for the president to help his banker fat cat buddies on wall street and in the Fed.
They shouldn't have, not that it's much different from the other bailouts. And it's not a Bush/Obama thing. Their banker fat cat buddies are the same fat cats.
What should have happened in any "bailout" is, everyone just gets their "money" back from these derivatives, they accept that we won't be having that anymore (i.e. Gramm's bill gets written out of law) and they need to go back to enriching themselves however they did before the regulations were gutted.
But instead, it was our money spent so the fat cats could get rewarded for their inability to keep their operations sustainable and not bring the rest of the global economy down with it.
If that's not welfare for the wealthy, I don't know what is.
We The People, have had enough of this "picking winners and losers" for us, crap.
Let us pick our own winners & losers.
No kidding. We're supposedly broke, but lets bail out banks some more.
Honestly, I think this country just needs to let the bankers fail, let people lose their homes, make the student loans bankruptable, let the college bubble and the housing bubble crash and burn, and get it over with. Its going to happen anyways.
We need to admit that not everyone should go to college and not everyone should own a house.
It will be ugly at first, but I'm sure the smaller banks will take over.
And once we've let the whole thing just crash, NOTHING is exempt from bankruptcy AND we let the banks set their own rules for who to lend to, without stating that they have to give everyone goodies. AND, the government backs nothing, and issues no loans at all.
Right now all the politicians are trying to do is stave off the inevitable. Its going to crash. I'd rather see it sooner than for our country to bankrupt itself propping stuff up. I'm also wondering when Sallie Mae is going to come crawling for a bailout. Last I heard their default rates were skyrocketing.
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What part of $14 trillion debt are these knuckleheads not getting?
