Exactly. He recklessly loaned out money to unqualified people for overpriced housing and now he wants the government to bail him out.
And they probably will. He will then be hailed as a financial genius and give himself hundreds of millions of dollars in bonuses.
How does a lower Fed Funds rate stop the foreclosures that will happen soon?
The taxpayers shouldn’t bail out Countrywide, or any other loan company that makes loans to people who want big, fine houses and the lavish lifestyles that go with them, and then can’t, or won’t, pay the loans back, because they are so deeply in debt from borrowing money for things they want, but probably don’t need, and then going out to buy them. Nor should the taxpayers bail out homeowners who keep borrowing money to buy all the finer things in life. Let loan companies and homeowners who make stupid decisions suffer the consequences. Let them go under. They deserve it.
Better yet, why do we have loan companies anyway? Banks offer loans, and have been doing so for many years. We don’t need loan companies. Let all the loan companies go under. If you need a loan, go to the banks, just as everybody who needed loans used to do before loan companies got started.