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"Commentary: Bankruptcy, not bailout, is the right answer" Commentary on the 700 billion bailut and why it's a bad idea. The author blames the bad mortgages of Fannie Mae and Freddie Mac, which are indeed responsible for the current crisis, but the problem runs deeper than... more
Reviewed by liamvictor Sep 30 2008, 03:31am ( 4 reviews ) • cnn.com
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Rated by jack2380 on Oct 21 2008, 9:09pm
Commentary: Bankruptcy, not bailout, is the right answerCommentary on the 700 billion bailut and why it's a bad idea.The author blames the bad mortgages of Fannie Mae and Freddie Mac, which are indeed responsible for the current crisis, but the problem runs deeper than that, and in my opinion lies in the very way in which banks have been allowed to lend money with an ever increasing difference in the asset / loanFrom the page: Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen.Further, the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.
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Rated by chron on Sep 30 2008, 8:13pm
why don't we get together the brightest economists to help solve problems like this? oh, yeah then the fed wouldn't be able to steal from us... my bad.
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Rated by liamvictor on Sep 30 2008, 3:31am
"Commentary: Bankruptcy, not bailout, is the right answer" Commentary on the 700 billion bailut and why it's a bad idea. The author blames the bad mortgages of Fannie Mae and Freddie Mac, which are indeed responsible for the current crisis, but the problem runs deeper than that, and in my opinion lies in the very way in which banks have been allowed to lend money with an ever increasing difference in the asset / loan ratio and their move away from responsible asset-based lending - yes a bank can repossess a house if necessary, but who the hell can buy them in a recession?
