Sunday, September 21

Bailing out foreign banks, too?

It takes at least 2 parties to make a bad loan. In the case of these unrealistic mortgages, those 2 parties are your average citizen, probably unable to comprehend a 300+ page legal document, if they even bothered to read half of what they signed; and the banks, run by armies of lawyers and MBAs who drafted those agreements and are paid to know better. The people our taxes are bailing out unless the Dems grew a pair over the weekend) are the MBAs, lawyers, CEO, etc., not the homeowners. And the funny part is, if Phil Gramm (McCain's "unofficial" financial advisor) gets his way, we'll be bailing out foreign banks as well. All the while, John McCain hasn't said boo about all this since declaring our economic fundamentals to be strong.

If you're planning to vote for the Republican ticket to go in and clean up this Republican mess, I really don't want any of what you've been smoking.

I'm not sure it makes sense to bail out US banks for making irresponsible investments. But I'm not a smart man when it comes to money. Supposing there is a benefit to the country to not let our financial institutions collapse -- how does it make sense for me to pay to bail out foreign banks, too?

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