“Getting tougher” would include going public with what is known about the Obama-ACORN alliance, and the shifting of money and outright corruption that goes on in the widespread defrauding of mortgage banking and “no documentation” loan practices that poisoned so much of the mortgage paper held by Fannie Mae and Freddie Mac.
I would have felt MUCH better about John McCain if he had come out AGAINST this “bail out” of the big credit institutions that bought into so much of this oversold debt, and are now whining about the looming “crisis” which does not affect just all that many people. Sure, a number of banks would have failed, or been taken over by stronger institutions, and the incentive to buy into these “poison” mortgage backed securities would have dropped to its realistic market value, but that would have been the way the free market has ALWAYS corrected itself. This way, the eventual “bail out” will probably be two or three times what this current price tag is, and the poison will not be purged for years.
Plus, there is strong incentive for the government to cover its debts by accelerating inflation to near hyperinflationary levels.
Nobody wants that. Jimmy Carter was doing that in 1978.
Just as Richard Nixon had been doing in the last days of Viet Nam.
Then you just don't understand whats happening. It effects each and every one of us. You just haven't noticed it yet. But you will. This bail out isn't for wall street, it's for YOU. It's so you can keep spending money you don't have. It's to prevent the banks from cutting your line of credit, denying you that car loan even though you qualify. it's to prevent massive lay offs from a sudden break down of bank credit, which we all rely on each day to carry on business. It's going to happen anyways, this bail out is just slowing it down. With France declaring it is officially in a recession, and the rest of Europe and the world following close behind, There is no way this bail out is going to carry us through until the economy improves. This credit crunch goes way back, before Freddy-Mac and Fanny-May, in began long before they started profiting from the community development scheme.. They just did it in a much bigger way than the banks did, bundling up these bad loans into multi million dollar packages and selling them on the world wide bond markets.
If you want to really blame someone for this, blame the government. They are the ones who started it all by forcing banks to loan money in the name of "community development" to minority's who could not otherwise get loans- for anything, not just houses. It was government that demanded that banks increase the amount of loans to minorities who couldn't aford it from 2-3 % to over 30%.