I'll never ever forget these bailouts, which started under Bush...
I knew at the time, it would be one bailout after another...Lots of corrupt insiders lined up with their hands out, filling the trunks of their limos with cash on their way to parties at AIG.
However, tax payers need not apply for any bailout. Those suckers are on their own, and if they fall behind, they get their asses and assets seized.
Why is everyone so pissy about that? It is not even one day of TARP bailout. It is about 1/100th of 1 percent of a Federal Reserve credit facilitization exercise. Who cares? They act like it is real money, and worse, they act like it is their money.
And Toddster here was defending them then as he is now. This is not ignorance. It is the arrogance of a corrupt organization that believes you can do nothing to shake them as they grasp for more and more. We "need" them. Funny how things worked just fine when every good parent took their little boys and girls to the local S&L (remember when we used to have S&Ls back before a bunch of folks including a Bush took down the S&L industry) to deposit their savings (remember when we used to have savings) in a savings account (back before people had money market accounts), and back before Arthure Burns and Jimmy Carter made a cruel joke of saving (actually Carter gets a bit of a bum rap for this since it was LBJ's Great Society and Nixon who really got going the business of spending more than we had). And remember when the local S&L manager made mortgage loans to homebuyers which were sound investments for the bank because with 20% downpayments and a good employment record and clear knowledge of local conditions, the mortgage was secure.
Sure, we need banks. The world has always had banks, even back when it was Jewish bankers sitting on a bench in teh public square. But we don't need these kinds of banks, an entire financial services industry consuming an ever bigger portion of the world's economic output while they ruin everyone else (boy is that an old song too, part of the collapse of the Roman empire and Greek city states among other things).