Since when is using public money to bail out mismanaged and corrupt businesses a good thing? What the banks did was convince the government to make 100 times leverage legal. Here's a true story. The banks approved a $750,000 mortgage to a person in California who didn't make the income to legitimately be approved. It didn't matter they just wanted to sell mortgages and so they take that $750,000 mortgage and they can count it as an asset to make loans on. 100 more loans thanks to Bill Clinton and Alan Greenspan. So they make $75 million out of nothing while everyone get's foreclosed on and then they buy everything up cheap and resell it again. Then you stick the loses on the taxpayer.
Exactly how is TARP a good thing when it will saddle generations of Americans in so much debt, nobody is going to be able to pay it off. If we would have let these corrupt institutions fail then sure, it would be a couple years of pain but then you pull out of it for good instead of prolonging it for decades which is what they are doing now.
Of course if you are part of the American public who pay no taxes I guess you don't care.
Exactly how is TARP a good thing when it will saddle generations of Americans in so much debt, nobody is going to be able to pay it off. If we would have let these corrupt institutions fail then sure, it would be a couple years of pain but then you pull out of it for good instead of prolonging it for decades which is what they are doing now.
Of course if you are part of the American public who pay no taxes I guess you don't care.
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