Tuesday, August 23, 2011

More Not Toones

How about a homeowner bailout?

and most would not even want bonuses. It seems strange to me that to prevent bank failure and an imminent collapse of the economic system we gave, yes, GAVE, banks $700B for their bad investments. This caused a foreclosure crisis that in some areas went to 60%. Real estate values tanked.

And considering banking and loans is supposed to be a risky business with the interest proportional to the risk that alone seems really crazy. And executives took chunks of that $700B and gave themselves bonuses for a job well done instead of being thrown out on their asses. They did a bad job and we paid them bonuses to do that.

Well, here is a report I bet you have not heard of on the news. Basically it states pay off the $700B (same number, how about that) on underwater mortgages, people stay in their houses, it makes 1,000,000 jobs and the housing crisis is solved for a while.

Let's see, give bankers $700B (plus $1.2T in secret loans because they were still failing) and let them have continued employment and bonuses for a failed job of running a business, plus a housing and foreclosure crisis or pay down the difference on underwater mortgages and create jobs and have no housing crisis. Hmmmm, let me see, that is a tough choice.

Guess which one the Bush administration chose? and, yes, the bail out was Bush, not Obama.


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