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Here's a good idea
20 September 2008 @ 08:49 AM MST
20 September 2008 @ 08:49 AM MST
Current Music: Elisa - Rock Your Soul
Current Mood: Awake
Current Mood: Awake
So, here's a good idea:
"NEW YORK (CNNMoney.com) -- The Bush administration has asked Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets, according to a copy of the proposal obtained by CNN." -- cnn.com
I can't say that I think it's appropriate for the government to basically be nationalizing banks, insurance, and financial companies. But the best part is at the end of the article:
"Without these bad loans weighing on their books, banks may be more willing to lend. Or at least that's the goal."
So, if the government bails out these banks from the loans they made to people that couldn't be trusted to pay them back, then the banks will be able to start lending money out again to people that can't be trusted to pay it back. Great plan. If there are no consequences for their actions then nothing will stop them from doing it again.
[This Entry]
"NEW YORK (CNNMoney.com) -- The Bush administration has asked Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets, according to a copy of the proposal obtained by CNN." -- cnn.com
I can't say that I think it's appropriate for the government to basically be nationalizing banks, insurance, and financial companies. But the best part is at the end of the article:
"Without these bad loans weighing on their books, banks may be more willing to lend. Or at least that's the goal."
So, if the government bails out these banks from the loans they made to people that couldn't be trusted to pay them back, then the banks will be able to start lending money out again to people that can't be trusted to pay it back. Great plan. If there are no consequences for their actions then nothing will stop them from doing it again.
[This Entry]
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