Quote:
Originally Posted by Mormon Red Death
The really bad thing about this is the precedent it sets. We've become a nation standing in line for bailouts.
|
Yeah, that's it. Everyone wants "relief." While in principle I feel bad for families (esp. kids) who lose their homes, I don't feel bad for people who make bad investments (with full knowledge, etc. Obviously, the cases where brokers lied or misled borrowers are a different issue.). To quote INXS, "Sometimes you kick. Sometimes you get kicked."
I recently read somewhere (was it on this board?) that a major difference between this economic downturn and ones past is the amount of consumer debt Americans (and Brits, and other Europeans) are carrying. They have little wiggle room to handle the painful economic adjustments that are going on. When things finally finish re-setting, with higher fuel, food, and credit prices, they're going to have a really hard time making it work.
While it's obvious the gov't. had to do
something with Freddie and Fannie, this mentality is killing me. From Bear Stearns to this, the Feds may be trading short-term stability for long-term suffering. Once they start trying to control and regulate risk, we're all screwed.
But it's not like I have a better idea. Just 20-20 hindsight.
What a mess.