Deumlaokeng

A First Look Inside the Fannie / Freddie Bailout Plan

"...., do you have any idea how many foreign banks and gov'ts. own the debt of these 2 companies, do you have any idea how much of this debt is owned by institutions like pension funds, and municipalities that would be insolvent if the debt went to 50 cents and the interest payments were defaulted on, what do you think would happen to small investors that own gov't agency bond funds that would drop by 50% and would force those elderly and conservative investors to become bankrupt and cut their income streams, it's not about helping the "Rich funds" it's about keeping the financial system solvent, look at the big picture and stop lamenting how "rich folks" are helped, thinking like that will never allow you to become one of "them" the rich folks."

First there was Chrysler, then the Savings and Loans fiasco, Bear Sterns, now the bastard Mae & Mac siblings, and GM is currently on its knees begging for a public bailout. Pathetic. Just more and more examples of private profits and public debts. And who was being named one of the new heads, a Merrill Lynch exec, the same company that foisted Don Regan upon the public, one of the men who begat the S&L crisis. Just another example of the criminal financial elite circling their wagons behind their walls and their gated communities.

Ya know, I don't really care about foreign banks that made bad investment decisions, something I have done myself a few times. I have never been part of a pension plan so I don't care about those who have relied upon a third party to cover their retirement. But again, I too have lost money in some investments in my retirement account and I take full responsibility and ask for no bailout. If my municipality would default on a single investment blunder than we deserve what we elect, and that which is proffered up for elections is overwhelmingly doggy doo doo. And as hard as I try, I can't think of a single fellow blue collar working class schmuck like myself who owns a government agency bond fund. But again, although I would feel sorry for a small investor who owned such investments, it is not like I haven't also made some poor investment choices. But I take sole responsibility for my mistakes and don't ask or expect any bailouts. If a single investment represents financial ruin then I have little sympathy.

So from the perspective of a fairly typical middle class worker who has been honest with his taxes and has stayed out of debt by not subscribing to rampant consumerism, yea it looks to me it is all about protecting the wealthiest by covering their losses, due to their own mistaken judgments, with public funds and then trying to scare the masses by having them think that if the public does not bail out the wealthy then they will be the ones to suffer. I don't buy it!

I really doubt that the entire system will collapse, but I am sure that those whose welfare and fortune are tied to "the system" are indeed in fear that their little profit puppy might die. And I understand that for some of you, it is impossible to understand that there are those of us who do not aspire to be like "them".