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Politics : Formerly About Advanced Micro Devices

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To: Tenchusatsu who wrote (637848)	12/1/2011 6:38:27 PM
From: i-node	Read Replies (1) of 1578495

Hey Ted, you forgot to highlight this very important part of the article: > Yet what is scandalous is the basic unfairness of what has transpired. The federal government rescued highly paid bankers from their reckless decisions. It protected bank shareholders and creditors. But it mostly turned a cold shoulder to some of the most vulnerable and least sophisticated people in America. Last year alone, banks seized more than one million homes. This is what happens when government acts like it knows more and cares more than you do. It is worth pointing out that the REASON the government had to lend money to the banks (they didn't "bail them out", they lent them money to get through a cash flow crisis) is that banks had already taken a beating on real estate for which debtholders were underwater on the property. In many, if not most, cases these were taken back as "friendly foreclosures" without a deficiency judgment or at least will never recover any money. I don't get what Ted's bitching about here. The banks had to have cash flow loans to keep the economy from collapsing. It isn't like the homeowners who walked away from their commitments were hurt by that.

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