So this crisis we find ourselves in has been a long time in coming, and both Democrats and Republicans should be held accountable. Those who caused this crisis by cooking fannie's and freddie's books should be investigated. Then they should go to jail.
"The root cause of the problems we face can basically be summarized in three words greed, leverage, and fear. Greedy Wall Street people plus greedy mortgage lenders, homeowners, speculators, and even politicians helped spark an unsustainable rise in home prices. This rise was fueled by extremely high leverage (i.e., using lots of borrowed money.) When housing prices started dropping, the domino effect of leverage came back to haunt the system and financial institutions had to take massive write-downs and seek outside capital. Fear took over as the problems kept piling on top of each other and people began to panic. Thats an oversimplification of what has happened, but it describes, at a high level, how we got to where we are now." quote taken from N.Y., wealth management advisor.
A bailout now has to happen so that Main Street won't be pejoratively effected by Wall Street's response to this mess.
The problem with Fannie and Freddie is they privatized the profit, but socialized the risk. So the tax payer as usual, will hold the bag of crap for a problem the government put us into in the first place. And now, they will have even more control of your money than ever before.
When the dotcom bubble burst was there a bailout for Wallstreet? I know this is different, it's the banking system.
I, SandieBlack, can't stand the politicking bullcrap. This nursery slime is meant to poke fun at all, and especially the media who chose to only blame the administration of the last 8 years. Of course they have blame, but so do a load of other fools.
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