[Q] - Off the top of my head observations:
Golden parachutes: we may detest them, but they are not the cause
of the problem. And every one of the Democrats involved in this
bailout benefited from Fannie Mae and Freddie Mac, and every one of
them was in favor of the CRA provisions requiring more and more sub-
prime loans in order to increase home ownership.
And listening to Pelosi and Reid's press conference, I am guessing
that their provisions for helping keep people in their homes probably
means that those who should not have been buying houses in the first
place will be protected in one way or another. People who made
horrible decisions and bought houses without down payment and interest
only loans will be bailed out by those who put up a down payment and
took out a normal 30 year amortization loan and have made their
payments all along. Perhaps this is a good thing. Ownership promotes a
certain independence. But I suspect that things will be gimmicked so
that in order to keep the house you should never been able to buy, you
will have to continue to support the Democrats. But then I have a
nasty suspicions mind.
On protecting Wall Street:
Of course when government forces banks to make bad loans, is there
then a moral obligation from all of us to make the banks whole again?
They were only doing what we told them they must do. I know, I know,
we the people didn't vote to force the banks to make bad loans; but
our government did, and the Congress did, and we continued to elect
those who did that, and we are now to cheer them as heroes for
rescuing us from the financial collapse. Barney Frank, Chris Dodd,
Pelosi, Reid -- they were all for regulations requiring more sub-prime
loans. Banks that didn't comply were in a world of hurt.
Biden is asking where McCain was! Well, Biden, McCain was in 2003
trying to curb Fannie Mae and Freddie Mac and cut back the pressure
from the CRA, that's where he was. Where were you? And where was
Obama? -
http://jerrypournelle.com/view/2008/Q3/view537.html#Sunday
Well, in 2003 Obama was an Illinois State Senator. But look who
abandoned the no-earmark condition to support money for ACORN.
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