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Originally Posted by Rob Instigator

fuck it makes me sick

If I take a risky loan and canno pay my wages are garnished, my shit is repossessed and I get driven into credit report hell never ever to return. Yet, when the fucking investment firms who do the same thing on a scale millions of time sbigger than one person does the same fucking thing, these asshole sycophant politicians go to bat for them and rescue their fucking bullshit companies with $700 BILLION in american taxpayer monety.

that is $700 BILLION that in the next 30 years will NOT go to infrastructure, schools, health care, elderly care, the postal service, etc,.etc.

come on baby and eat the rich....

well if you fuck up you have the option to declare bankruptcy and wipe out your unsecured debts. yes. you can even protect your home with certain types of bankruptcy, and in that case the lenders have to eat the loss. of course they always make money in the end becaue they generally work their losses into the interest rate.

the 700 billion is not in american taxpayer money-- it's not like we have the reserves. it's 700 billion in TAXPAYER DEBT. guess we could blow our creditors off in the future, ha ha ha.

by the way, they haven't reached a deal yet. just on some basic principles, as specified by Nancy Pelosi in that article I linked:

"Pelosi said Bush has agreed in principle to four basic conditions for the bailout package: strict oversight, curbs on executive pay, help for homeowners and an equity position for taxpayers in the companies that accept public funds. "

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now, mind you, these are not 700 billion in the water, there is a value to those assets we'd be stuck with, except that nobody knows what their value is. ultimately, those homes being repossessed will have some kind of value and could be sold as a profit, not like Palin's airplane where they lost money. it may not even be $700 billion, in the end.

what's important though is that the financial crisis doesnt further extend to the real economy & we start losing more & more jobs. cos when businesses crash, real people suffer.