Excellent video explaining why we should fight bailouts. Ask yourself this: The last time you made a big financial mistake did the government bail YOU out? No? Well then why should us taxpayers bail out guys who got rich using fraud and now are crying for a bailout? Watch this video.
As I have said before, there are folks at BS that should go to prison for fraud. I am very sure there are other companies who should as well. Fraud is the issue here plain and simple, they should be punished and made examples of, so we can prevent future cases like this.
“Stated loans” should never have been given to most (90+% as a guess) of those customers. They defrauded investors. Thousands of times, over and over again to collect the upfront points and signing fees. It was just too easy not to take it.
Both parties have responsibilities for this mess, it’s not an R or D problem it’s both of them! Nobody wanted to upset the gravy train, no one wanted to look under the table covers and see that those who testified before congress were naked below the waist and certainly nobody wanted them to stand up. (how’s that for a mental image?) Seems as well the “regulators” didn’t want to look into the mud and muck either or we wouldn’t have got so deep into this swamp.
I totally agree that there should NOT be a taxpayer bailout of most of these institutions, unless you think that prison is a bailout…
Wake up folks, it’s our money, our labor, our future.
Is it not nice, That these criminals get to retain their full pensions of hundreds of thousands per year while they do a few years in prison.
So much for fiscal conservatism.
SMS