Ok, now I am getting disgusted. Today I have heard it all.
Several U.S. banks that have already been bailed out by the government due to toxic non performing assets, including Citigroup, Goldman Sachs, Morgan Stanley and JPMorgan Chase, are discussing how they can buy MORE BAD DEBT! They apparently want to buy the assets that are about to be sold by rival banks under the Treasury's $1 trillion plan.
John Mack, Morgan Stanley's chief executive, stated that his bank was considering how to become "one of the firms that can buy these assets and package them where your clients will have access to them," according to the Financial Times.
Spencer Bachus, the top Republican on the House financial services committee, said it would mark "a new level of absurdity" if financial institutions were "colluding to swap assets at inflated prices using taxpayers' dollars."
A new level of absurdity! Are they kidding? Absurdity like a $1 trillion bailout of financial institutions who are using our money, the taxpayers money, to go on corporate vacations and golf outings, who are borrowing taxpayers money at 0% from the government and then buying government secured bonds at 3% interest instead of helping people keep their homes!
I speak with good people everyday who need help. I do not agree with bailouts of ANY institution at any level. We are a capitalist society, let the economy work itself out and have the politicians STOP interfering.
If a company screws up we have a solution called BANKRUPTCY. The same solution that so many "professionals" and politicians want homeowners to use to solve their problems. However, these financial institutions do not have to suffer the same fate? I say these companies should be forced to reorganize their debt and either grow up and accept responsibility for their actions or close up shop and make way for a new company.
Mortgages are adjusting to ridiculous numbers. Credit card interest rates are skyrocketing for NO REASON. Lines of credit are being shut down. People are loosing their homes, cars and jobs. And these companies are receiving $1 trillion of taxpayer money!
Can someone please give us any incentive to pay our credit card bills, mortgage payments etc and take responsibility for our debt, when these institutions are not?
In my eyes we are already giving them ONE TRILLION DOLLARS, which is going to be used to buy MORE BAD DEBT!
Then what? Is Obama going to write another fat taxpayer check?
