I am now opposed to bailing Wall Street out of it's "toxic debt" problem that it alone is responsible for. The American taxpayer should NOT be made to pay for Wall Street's Folly, beyond what has already been agreed to.
In my opinion, the bailouts of Fannie Mae, Freddie Mac, AIG and Bear Sterns were correct, because of their interconnecting relationships to the U.S. and global currency markets. The damage from the collapse of those companies would not have been confined to Wall Street. Lehman Brothers was not bailed out because it was self-contained, as many of the other companies who stand to benefit from this $700 billion mistake-in-progress are.
The standard that the Bush Administration followed before should be the standard that is used now in deciding which companies to save, and which ones to allow to go by the wayside.
The other companies who have "toxic debt" need to get on a payment plan and pay off their debt. If the government wants to help, they should negotiate and set a fair interest rate with the creditors, which will allow the companies to clean up their own friggin' mess. People have to do the same thing; why should it be different for a company that goes into deep debt?
This is entirely appropriate for a system that cheers when blue-collar workers lose their jobs and pensions, while the system sees it's stock value soar. Why then, should blue collar taxpayers be stuck with the company's bill?
SHAME on Wall Street!
And the government needs to come up with a better plan.
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