"It's not my fault I am going to lose my home. Just because I refinanced to buy that new car and get granite counters. It's also not fair I may lose my $500,000 home even when I only earn $70,000. Everyone told me I could afford it."
"It's not my fault I am going to lose my home. Just because I refinanced to buy that new car and get granite counters. It's also not fair I may lose my $500,000 home even when I only earn $70,000. Everyone told me I could afford it."
The homeowners or mortage companies?
I watched that idiot Dodd on cnbc when he gave that interview.
He started out by saying that this issue was too important and that no one should be using it for political advantage. Moments later he was attacking ‘the administration’ for not offering enough help. Of course we should not be using this for political advantage, which is exactly why he was conducting this interview instead of allowing someone with a knowledge of economics to take the mic. Just because he is running for president and he is attacking the current president doesn’t mean he is using this for political advantage.
When cnbc asked a panel of economic experts to comment on Dodd’s statements, the first person to talk said that the interview made him very happy that Congress wasn’t in charge of monetary policy.
The biggest problem with the bailout idea isn’t just that it would cost taxpayers a ton of cash. It isn’t that people who made mistakes would be less concerned about making them again.
The problem here is that we would be telling corporations (mainly banks) that they have nothing to fear and they shouldn’t be that concerned about how they price risk. This is a horrible idea. They must remember that they need to make business decisions. We cannot have an economy that is dependent on the federal government.
A bailout here is one massive step towards socialism.