Government $700M Bailout

700 Billion=$700,000,000,000.00!

How could we be in the hole that much? Could the brokers on Wall Street have possibly have made such huge blunders? They almost pulled it off in the 80’s, when the public picked up the tab on the S&L mess, only $92 billion that time, and we thought that was bad.

The crisis back in those days was caused by lack of regulation, and although some banks went under, not ONE CENT of public money went to save any bank or its customers. The FDIC had the funds to cover losses up to $100,000.00 of bank customers without going to any government agency! FDIC was completely funded by banks, but in order to save S&L customers, the FDIC funds were raided. and still the system was solvent.

Now, in this situation. the greediest of the greedy are being allowed to go so far as to ask the public for a complete bail out, without any penalties, except for the price of stock of some of the brokerage firms they manage!

It just isn’t right, my friends, it just isn’t right. Local banks are in grave danger. As usual, the regulators are making matters worse by over-regulating, and in so doing, they have brought the housing and small commercial building business to almost a complete stop! One of the biggest problems is how utterly complicated these problems and their proposed solutions are for most of us to understand.

More to come.