This is terrible. Why should taxpayers be made to suffer like this? What can we do about it?
The thing is these banks made very risky loans - some even to homeless people.
Only 15% of Americans Support Government Bailout of Banks « Battlefield Of A Peaceful Warrior
They need to suffer the consequences of their "investment" decisions. If they are wiped out - fine - that is what the market is about. We will have only those banks left that do not encourage scams like the sub prime mortgage. Why don't the CEOs of the banks who made the loans bail them out - they can afford to - they made billions in salary, options and bonuses last year and it was their bank - not mine.
The people who borrowed more than they could afford should never have done so. It wasn't the fine print they they missed, because the loans are very clear that you WILL have to pay back the loan; interest and principal.
These homeowners do not deserve a bailout either! They need to sell their homes and rent or find a smaller home they can afford just like the rest of the people in America do. This is what the country has been doing before the "sub prime" mortgage.
It is unfair for these irresponsible people who borrowed more than they could afford to ask for a bailout at the expense of those who exercised financial and personal responsibility.
Or is America is becoming a communist country?
Have you seen the 3-31-08 cover of Businessweek? It shows Ben Bernanke in profile against a bright red and orange backdrop, pensively stroking his grey beard and looking remarkably like Vladimir Ilyich Lenin.
Comrade Ben Shalom Bernanke:
bernanke-revolutionary.png (image)
The imagery is not a coincidence.
Beware America - be very aware!
81% of Americans say country headed in the wrong direction.