Ladies and gentlem, I introduce to you the Federal Homeowner Preservation Corporation.
BofA wants banks bailed out. Hell, everyone wants to be bailed out.
I thought bail was for those accused of wrong-doing?
What happened to the free market anyway? I thought everyone was so jazzed about that, since, at least, Ronny Raygun. I guess in their wallets hearts they do want a free-market, up until they FUCK IT UP.
The NYT sets them up, and Mish takes them down.
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Nationalize Housing? WTF?
Essentially, the bail out as proposed by BofA transfers the bad loans banks made- which they made lots of money on in fees BTW- into the above named (new) government entity who will take the loss [BOHICA] – because the banks wants to be paid more than the homes are worth, and the market still has a (LONG) way to fall. (If the banks didn’t think the housing market was heading down, do you think they would be proposing a bailout?)
There’s a primo opportunuity here for a whole lotta more fees to be charged too, no doubt .
We learned the hard way that war-mongering neocons had influence (hey, who elected them anyway?), but who knew the Bush regime and congreff was chock full of national socialists as well?
It is just a proposal, but really, does anyone think for a minute that the banks will be denied?
I didn’t think so.
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Of course everyone and their loan-defaulting brother-in-law has a plan, man.
Might I suggest the best plan is the first line of the Hippocratic Oath: “First, do no harm”"
It just fits.
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Wall Street: privatising gains and socialising losses since 1907.
