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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Giordano Bruno who wrote (192786)3/23/2009 9:49:20 PM
From: geode00Read Replies (1) of 306849
 
The US taxpayer paid 100 cents on the dollar, in the dead of night through AIG, to those who would have lost their shirts. Why in the blessed heck are we doing yet another rescue of the same people.

On top of everything else, Summers is telling us that we are so stupid that we shouldn't even try to limit executive compensation because, heck, we are so much dumber and less important than the masters of the universe who got themselves and us into this ridiculous situation.

I like how, on the same day as this story, one of the networks was talking about how the banks were playing destructo with the credit ratings of their customers. The banks are simply reducing credit lines in order to reduce their own risk profile which lowers a person's credit rating which subsequently increases their borrowing costs which benefits...THE BANKS.

What?

The example was a couple with a rating in the mid 800s, a perfectly good credit risk who lost 100 points on their rating because their bank decided to close out cards or reduce their limit. They didn't do anything wrong, they simply paid their bills on time. If they roll over credit they will, I am sure, see a sizeable increase in their borrowing costs simply because the bank made this unilateral action.

What?

This is TOO MUCH. The reaction of 'investors' like Blackrock are highly suspicious IMO. They smell free money and they came out in droves. Something is definitely wrong here.
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