I may be an idiot...I admit I know nothing about finance..but I think if these companies were giving out NINJA loans, and making other greedy decisions they should simply fall on their butts.
Why should the government bail all these fools out? So what if we have another depression or recession...might shift some cultural materialistic attitudes. Behavior should have consequences.
Because the real basis of this problem is the government. During the 90's, the banks became mandated to give out LMI (low middle income) loans. The larger the bank, the more they were mandated to write bad loans. Oddly, the one group that didn't dive in were the Hispanics. They kept a wary distance from mortgages, preferring to pay cash. I would like to see some MSM anchor tell it like it is. The federal gov't made us get here. Can someone take the first black president to task as to what he was thinking when he signed that into law.
i agree with you, they should fall down... if i understand it, aig also sells whole life insurance policies and retirement annuities...if they fail, millions of people who bought safe, low interest life insurance and annuitites will lose their life savings and retirement funds, through no fault of their own....that is the issue here...
Or on their swords. That said, I can see a loan - 0% for the first 12 months, then jumping to 16%... Me? I'm tired of bailing out multimillionaires.