xsuddensam

Rethinking Fannie, Freddie and Mortgages

The government should not be intervening to avoid "systemic risk " The market needs to wash out all the players who created this mess in the first place. Saving a flawed financial system, which inevitably will fail, is madness. It's time to take the hit, pay the piper and rebuild.

We need to rid ourselves of the Greenspans, Bernankes and Paulsons. We need to restore sanity to our monetary and banking systems by throwing out the Federal Reserve and by reasonably regulating the banks.

Most importantly, perpetrators of financial fraud should be harshly punished by asset confiscations and long prison terms. There should be laws passed for crimes against the public interest. There is no excuse to give these criminals a pass or a slap on the wrist when they are harming millions and millions of people.

It may be painful, but we are a resiliant people who have often risen in the face of adversity and we have triumphed.