I oppose the bailout too, but the above statement is blatently false.
There are plenty of good arguments against the bailout that don't require making stuff up.
This subject is just so complicated it’s hard to get your arms around it. There are the bad loans made by mortgage brokers, but then mortgage backed bonds were sold based on those, and an insurer such as AIG gets socked, etc.
Just “devil’s advocate” a bit, I heard somebody say that the gov’t might make money on the deal. Because after the gov’t buys these bad mortgage loans, they will auction them off. And then the market may give the gov’t a profit. This person who said that was saying that the tight cash flow was behind last week’s meltdown, and that at the prices the gov’t is getting these loans, there is a chance of profit. Just saying.........
Where is the gov’t getting $700 billion though? We know they don’t just have $700 billion in a bank account somewhere, just waiting for Paulson to wire somebody the money.
Pretty strong words. What do we get for our money? Are we buying a new car? A vacation home? A tank of gas?