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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: ChinuSFO who wrote (103309)	10/21/2011 11:50:11 AM
From: RetiredNow	Read Replies (1) \| Respond to of 149317

Letting them collapse is too extreme. We have a precedent for how to handle these things. What should have been done is a Government takeover and a forced bankruptcy proceeding to break up the banks, sell of their assets, ensure the creditors took a haircut on the bad debt, and that the equity holders of those banks were wiped out. That would have punished, using free market forces, all the criminals who created the problem, while insulating the 99% of Americans. Instead, our government used our money to bailout those banks with free money and 0% interest rates and they continue to do this. It amounts to theft from us. It's unconscionable. Hedge funds go bankrupt all the time. They take too much risk and lose money and their investors withdraw their funds, taking the losses, and the hedge fund closes. No one gets hurt except the investors in those funds. Banks need to be allowed to go through the bankruptcy process. Propping up bad banks is theft from us and only rewards too much risk taking and bad behavior on the part of the bank owners and executives. It's bad policy all the way around. Let's let the free markets work and lets apply the laws we already have on the books to have an orderly wind down of these banks before they can explode on us again. Shit, Bank of America alone now has an estimated $70 trillion of notional value derivatives on their books. That is an explosion waiting to happen. They just moved $53 trillion of that risk over to the deposit holding instition within their company so that the FDIC would have to bail them out. That also is theft from the American people. Exactly how much more rape will you put up with before you decide to fight back? I personally will only take it once, and only if they catch me off guard, before I go after the bastards that did it to me and put them 6 feet under. Where's your fighting spirit? None of this is acceptable.