At last we come down to the nitty gritty.
The Obama Administration now wants to relieve the banks of their failed leverage debts, and clear the decks of Wall Street's Folly.
The cost: $1 trillion or more.
No, ABSOLUTELY NOT! The banks need to get on a payment plan and start paying off their own problems, instead of Uncle Sam coming to the rescue. Again.
The homeowners who defaulted are not at fault for the banks accumulating so much leverage debt. That's the fault of Wall Street, and they should be held to account for their own actions, the same as everybody else.
What's to stop them from doing the same exact thing, when the economy is roaring along again?
Any member of Congress voting for this cockamamie plan should RESIGN! Enough is enough! Congress should be screaming bloody murder, despite what Wall Street thinks. After all, it's Wall Street that fueled the engine that took us straight off the cliff in the first place. They were originally opposed to this course of action, as I recall from earlier posts. Why are they so enthusiastically in favor of it now?
The banks are going to proceed at the same pace regardless of what happens with this piece of garbage proposal. If they get it, it'll take months to restore the credit lines; if they don't, it'll still take months. Both courses of action will take us to the same place, so why shouldn't they take care of their own mess?
The entire Congress should walk out of the Capitol to protest bailing out Wall Street's Folly before unanimously rejecting it.
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