For the good of the country, it was the best move the government could make. The chain reaction that would have occured would have ruined a whole lot of people. There is concern that this whole thing started in Europe and could have been a terrorists attack. Actually, our financial system is a lot more fragile that people believe. That’s why BinLaden said he will attack out financial system and ruin us.
The panic and the chain reaction that would have ensued if this bank failed would have been paramount to 1929 again.
Yes. And the government may well end up making money on this “bailout.”
The only bailout that is being considered is the insane plan by The Beast and other Democrats to prohibit foreclosures for five years. That would directly interfere with private financial contracts, and is EXACTLY why undeveloped countries failed to attract capital in the past. Who would invest in a country if a change in government occured and a whacko like Castro (or the Beast) took office and the government seized private assets?
The Beast is evil, but she is a lawyer and is not stupid. She knows damned well that her proposal would never pass Constitution muster, due to contract protections.
Perhaps a lawyer here can explain it better than I.
Crisis are like bowling pins set up for a strike.
So piling up lie after lie on the basis of taxpayer dollars is a good thing ?
No, those who live beyond their means, including banks who over leverage themselves, need to pay the cost of their stupidity.
Dodd, that idiot, got one thing right - we’re privatizing the rewards and socializing the losses.
Bad, bad policy.
This seems pretty basic to me. Our government is supposed to protect our financial infrastructure and prevent financial collapses and panics; that's one of the few things that our government actually should do.
People are getting their undies in a bunch that someone is “getting bailed out”. No not really. Bear Sterns stock holders were decimated, their stock holdings were wiped out.
This move was about preserving our financial system and preventing a catastrophic meltdown. That benefits everyone.