User 272816

The Credit Hostage Crisis

phillips49 - keep up the Republican talking points, they'll send you your check soon. This myth that you're feeding, that it's all the fault of the mortgage defaults themselves, shows how little you understand the crisis. There are always defaults on mortgages every day. Yes, there were more than usual this time around as the banks led people by the nose into bad loans when a plain old 30-year fixed would've suited their needs just fine. The cause of the crisis, and why most thinking folks are up in arms about this bailout is all the slicing and dicing (i.e. derivative products) that were built on top of the mortgages, unregulated, without any oversight whatsoever, and fed by Wall St. greed. These magnified the eventual default of these bad loans 30-fold!

And now, Bush, in all his wisdom (just like he has exhibited throughout his two failed terms) wants us to rush in and save the asses (and bonuses!) of these financial "wizards". Uh uh, not this time. Not until those folks who had to default have their loans re-written to something they can afford and the Wall St. fat cats have their bonuses stripped from them (amounting to many, many Billions of $s) to pay for it.