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The Fannie and Freddie Government Buyout (Video)
Written By Gnorb on Sep. 9, 2008.
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But the questions: is it a good thing? Is bailing Fannie and Freddie necessary for the stability of the US economy? Or is taking on obligations of $6,000,000,000,000 a not-so-bright idea the country will be paying for years to come? What of the people that drove these companies to the ground, will they be made to pay some of their multimillion dollar bonuses and salaries back, or do they essentially get a "get out of jail free" card? And what about the homeowners who got sucked into loans they couldn't afford because their advisers told them it was OK? (Finally, what about the tax payer?)
Ozone42
Written Sep. 10, 2008 / Report /
Frankly, I think we're doomed. Don't we have enough debt as it is?
There is a lot of blame to spread around with the whole pushing people towards adjustable rates fiasco... including everyone who took them. I don't know about you, but if someone is charging me interest, I am not going to trust them implicitly as to what the best loan for me is! I won't assume they're out to get me, but I'll do my own homework, the same as you would before buying a used car.
But the business leaders that were aware of the practice and allowed it were just plain idiotic. You may gamble on some lenders, and that's fine, but to willfully push many towards a bad decision and expecting the best... I just don't know what the hell they could have been thinking.
The worst part is the precedent this sets. The government cannot afford to bail corporations out of their own incompetence--even if the government initially set them up in the first place.