Our neighbor across the street sent this tidbit. I won’t give his name, because he doesn’t know I’m posting this.
I’m not usually into this politics crap but I happened to see this interesting editorial from the Chairman of the FDIC that was written back on 10/19/2007:
“A government bailout is not the answer. Bailouts erode market discipline, raising the likelihood of repeat episodes. And efforts to expand refinancing options will help only those borrowers who have enough equity to refinance.”
http://www.fdic.gov/news/letters/lte_10192007.html
Interesting article from a year ago. Seems like Georgie and friends decided to make as much money as they could before they decided to go for the bailout plan. Maybe no one in the banking industry or in Georgie’s administration ever looks at the FDIC website….
There it is. The FDIC, the agency in charge of insuring bank deposits, saw what was coming and proposed a solution a year ago.
Your neighbor is right on the mark-politics is crap! Now if the Chairman of the FDIC knows what to do, why don’t these other financial wizards know what to do. Of course Bush likely made a huge bundle while in office. We know what a shmuck he is. He claims he doesn’t like bailouts but his brother Neil got a big bailout from Daddy Bush over SNL’s and Dubya got bailed out many times for failed businesses. He was known as the Texan who could drill and not find oil!