View from the Center and Left Message Board

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Politics : View from the Center and Left

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To: Dale Baker who wrote (51572)	3/4/2008 11:17:55 AM
From: Steve Lokness	Read Replies (1) of 541853

The spreading U.S. credit crisis is turning up the heat on Europe's simmering anti-Americanism What a mess. I listened to Bernanke this morning and part of his solution is for those holding the paper to accept lower amounts by redoing the loans. Writing down the loan amount. .....Can you imagine being a holder of that paper in Europe and then hearing that the government - our government - is suggesting that things are so bad they better write down their paper to prevent default - I mean BEFORE default? Very candid speech by Bernanke. The moral hazard here makes me sick. You play by the rules and you are penalized. "What feeds the Left?" columnist Hans-Ulrich Jörges writes in the magazine. "Capitalism—its excesses, its greed, its shamelessness."

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