In other words, we screwed up by letting this thing get so out of hand and turning a blind eye to investment banks making billions off shady loans, and lending them money to do it. Now we need to offer more money to more failing institutions at the expense of the tax-payers, and anyone foolish enough to save money.
When will these people realize their socialist intervention is causing more problems than they solve?
Let the banks fail, let the homes foreclose, and let the “free” market correct itself.
Any bank foolish enough to lend $500k on $40k income deserves to go out of business. Any home”owner” who uses an ARM because they can’t afford the full payment and plans to sell shouldn’t be buying a home, and any congressmen who want to help should have to do so out of their own pocket. That’s enough taxpayer money in itself.
