November 25, 2008
Bailouts, Banks, and Bull****
Someone better at high finance than I am has run the numbers and the current bailout-a-looza is the single largest bill the US has paid.
Ever.
It beats the total cost of fighting World War II--including the Marshall Plan to rebuild Europe. It beats the lifetime cost of NASA. It absolutely overwhelms the total cost of Iraq, Vietnam and Korea together.
The root cause? Well-meaning but utterly idiotic legislation forcing lenders to assume higher risk to loan to people who couldn't otherwise afford a home. Because, after all, home ownership is a Right. The other factors all piled up on top of that single (Carter-era) premise.
And if the banks can't do it, the government will just have to buy them out and make it happen. Responsibilty? Bah, that's so nineteenth-century!
Ever.
It beats the total cost of fighting World War II--including the Marshall Plan to rebuild Europe. It beats the lifetime cost of NASA. It absolutely overwhelms the total cost of Iraq, Vietnam and Korea together.
The root cause? Well-meaning but utterly idiotic legislation forcing lenders to assume higher risk to loan to people who couldn't otherwise afford a home. Because, after all, home ownership is a Right. The other factors all piled up on top of that single (Carter-era) premise.
And if the banks can't do it, the government will just have to buy them out and make it happen. Responsibilty? Bah, that's so nineteenth-century!
Posted by: Douglas Oosting at
12:30 PM
| No Comments
| Add Comment
Posted to category: Creeping Socialism
November 06, 2008
I hope I don't need this category...
This category will contain attempts to implement [edit: "by the Government"]1 pure Marxist ideas, both blatant and subtle. As President-elect Obama2 has indicated he views "redistribution of wealth" a priority, I fear I will have many entries here.
more...
more...
Posted by: Douglas Oosting at
12:33 PM
| Comments (1)
| Add Comment
Posted to category: Creeping Socialism
<< Page 1 of 1 >>
12kb generated in CPU 0.007, elapsed 0.0214 seconds.
35 queries taking 0.0161 seconds, 57 records returned.
Powered by Minx 1.1.6c-pink.
35 queries taking 0.0161 seconds, 57 records returned.
Powered by Minx 1.1.6c-pink.