Taxpayers Are Saving the Poor Banks
The bailout of the banking system is a complete disrespect to the middle American taxpayer. Now the money needed for supporting the poor will no longer be available unless there is a large increase in taxes. It will soon happen when the bailout is finalized.
Banks bet the the housing boom would continue indefinitely. They were caught by surprise when the value of millions of homes collapsed. Banks lost over a trillion dollars in home values. This caused a credit crunch and banks no longer were able to finance loans.
Instead of the government handing out a trillion dollars to unlucky banks they should find a better use for it like helping keep the tax rates from rising. But powerful banking interests are getting their bad investments returned and the tax payer has to helplessly looks on.
melpol
Published by MP
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to pay for the war on terror.
Good article. The banks are not the worst off. Actually the banks made a good profit giving mortgages to home owners and then selling the mortgages [as an investment] to the investment institutions for a profit. When the mortage holders defaulted on payments, the investment institutions were in trouble. Not reacting to the current crisis will cause a deep global recession during which the US tax payer will suffer far more than from a bail out. I want changes to the current bail out proposal that would hold the investment institution managers accountable for their actions. I think that our humongous national deficit will cause more economic problems in the future if we don't change the trade deficit to a trade surplus. Although the national debt is not a big threat now, it interest rates fall too low or if the value of the dollar lowers with regard to other currencies, foreign investors may opt to put their money elsewhere creating a problem for us as we try to gain funds to pay for t
Excellent points melpol! Like you mentioned in a comment on my page..that is the beauty of Capitalism...
Yep - this bailout is gonna cost us. Doesn't one wonder how they got into such trouble in the 1st place? What were they doing with people's money?!