Well, we knew it would pass eventually. Contrary to what Congress is saying, it is indeed a bailout for Wall Street. $700 billion to buy up bad debt. Sure, it’s a benefit to Wall Street, bu there are two sides to every story.
This looks like a disturbing plank of the communist manifesto, with the consolidation of asset to a central government. Maybe I’m just paranoid. It wouldn’t have been nearly as bad if there were leaders in Washington who didn’t either have their hand in somebody’s till, or were at least, partly responsible for this mess. No party is unscathed, but the Democrats were defending the arsonist while Rome burned. They claimed that Fannie Mae and Freddie Mac were running “just fine”, and chastised those who attempted some government oversight regulations.
Democrat supported groups like ACORN also had a hand in this mess, using the Community Redevelopment Act to force lenders to hand out loans to those who couldn’t afford to actually have one. Now, these same people are crying that the government needs to help the little guy, the ones that can’t pay that mortgage they never should have had.
Hey, I feel bad for those who are losing their homes-for various reasons, but-I said it before and I’ll say it again: Who would sign a contract for hundreds of thousands of dollars, and *not* have a lawyer look at it?
On a side note, I see Wells Fargo and Citigroup are brawling over who gets to buy Wachovia. All that without government help. Hmmm.