Who’s the Real Victim
Chuck Ponzi April 25th, 2007
Great read from the San Francisco Left-Leaning-Liberals (LLLs) of SFGate.com
All of the bailout talk has some people writing in:
“As a potential ‘victim’ in the fall of 2005 I was amazed that the mortgage brokers and banks were trying to sell me insane loans in hope of making a sale,” writes Ed Dergosits of Mill Valley. “Now they want relief funds. I say let the banks and the homeowners (like they really own the home) take the loss. They took the gamble. Why should taxpayers bail them out? I am still a second-class ‘renter’ but I do not have to ask for public assistance to pay for my rent.”
And the real reason for bailout talks:
“It’s true that nobody bailed out investors after the Nasdaq bust, but the government has been a serial bailout machine since the 1980s. … I’d love to believe our dear congressmen have the poor ‘victims’ in their hearts, but the cynical part of me thinks otherwise. Have you taken a look at where Chuck Schumer gets his campaign dollars? This won’t be about the borrowers. I smell a bank rescue on the near-term horizon.“
Seems we’ve got some pretty smart people out there. Here’s hoping they make a difference.
Sphere: Related Content
Another awesome post, as usual! I’ll be sure to mention this in our next podcast…
Andrew
http://www.InvestorReviewPodcast.com
Don’t want to rain on the parade of hope here, but the pareto principle teaches us that 20% of the electorate have a brain and can think critically. The other 80% are completely delusional. Still, there is always the probability that a certain measure of that 80% will. even by accident, use some common sense in their decision-making. That’s how the species survives and thrives!