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In United States
Registered May 18, 2010
zxmurphy's most recent comments:
- On 18 May 2010
Who Is The Fool?,
I think there should be a distinction between foreclosure and bailout. Frankly, I could care less that a bank lost money or had to take a loss on an investment. If the homeowner benefited (this time), than fine with me. I wouldn't lose sleep over how my neighbor ran his/her financial life or what they decided to purchase.
I take great issue with the taxpayer being dragged into this arrangement to "cover" for everyone's mistakes. Big banks are not going to change the way they do business over some perceived moral indignity on our part. However, if they risked their funds and lost big time, then heads would roll and new "policy" would change the landscape for all lending.
IMHO, if there were no bailout, we would have dropped into a huge recession while banks went hari-kari for their mistakes. At the same time, we would have recovered significantly faster without the billions being spent and would not be facing state and local governments seizing up over lost revenues.