Assclowns on parade

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.

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.

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.

Wall Street: privatising gains and socialising losses since 1907.


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