OldDog

Government Bailout: We Are All Keynesians Now

"Despite all its flaws, Wall Street has done an efficient job of capital allocation." Quite a statement. So efficient that we (the Taxpayers) are about to be buried by a $700 billion bail-out.

I think Wall Street acted as thieves. They created loans that required no documentation, evidence of employment or downpayment. In some cases home buyers were taking cash out at closing, so in essence they were being paid to buy the home! Wall Street bundled these "Mortgages" together and sold them as AAA rated! That's criminal.

We should not bail out the thieves.