Government bailouts are a problem, not the solution
Tennessean
by Joe Scarlett
11/23/08
In the old days bank robbers went to jail. Today, the bankers and the robbers are one and the same, and they are being rewarded for incompetence with huge bags of extra money, courtesy of us taxpayers. We have centuries of history that prove that markets don’t go up forever. Bankers, more than almost any other group, should know this and if they do not, they should not be bankers. When bankers give mortgages to those who obviously can’t repay, there is a serious shortage of basic common sense (or maybe just plain stupidity) as well as a lack of financial responsibility to stockholders and customers. When you look at today’s banking and real estate crisis, it is clear to even the least sophisticated among us that common sense has been lacking and basic ethics are out the window. Congress has now committed $700 billion to the very people who got us into this mess — a massive obligation belonging not to the politicians but to current and future taxpayers...
http://tennessean.com/article/20081123/BUSINESS01/811230397
Informant: Thomas L. Knapp
http://freepage.twoday.net/search?q=bailout
http://freepage.twoday.net/search?q=taxpayer
http://freepage.twoday.net/search?q=mortgage
http://freepage.twoday.net/search?q=$700
http://freepage.twoday.net/search?q=Joe+Scarlett
by Joe Scarlett
11/23/08
In the old days bank robbers went to jail. Today, the bankers and the robbers are one and the same, and they are being rewarded for incompetence with huge bags of extra money, courtesy of us taxpayers. We have centuries of history that prove that markets don’t go up forever. Bankers, more than almost any other group, should know this and if they do not, they should not be bankers. When bankers give mortgages to those who obviously can’t repay, there is a serious shortage of basic common sense (or maybe just plain stupidity) as well as a lack of financial responsibility to stockholders and customers. When you look at today’s banking and real estate crisis, it is clear to even the least sophisticated among us that common sense has been lacking and basic ethics are out the window. Congress has now committed $700 billion to the very people who got us into this mess — a massive obligation belonging not to the politicians but to current and future taxpayers...
http://tennessean.com/article/20081123/BUSINESS01/811230397
Informant: Thomas L. Knapp
http://freepage.twoday.net/search?q=bailout
http://freepage.twoday.net/search?q=taxpayer
http://freepage.twoday.net/search?q=mortgage
http://freepage.twoday.net/search?q=$700
http://freepage.twoday.net/search?q=Joe+Scarlett
rudkla - 24. Nov, 09:53
