Category Archives: propping up the rich
Friggin jerk my chain you sumbitch. This declaration by the Idiot-in-Chief just chaps my ass. Look, I am not saying that every idiot that got a mortgage needs to be bailed out, especially those that don’t make enough to afford all ‘the house’ they bought..but a flat out veto threat by Bush, while allowing the Fed to continue to bail out Bear Stearns and other financial corporations that got greedy, while refusing to help homeowners is total and complete horseshit. From the NYT writeup:
The president on Wednesday repeated his opposition to a bill “that will reward speculators and lenders” who have suffered because of their own foolishness. More modest measures are pushed by Republicans leaders, and Mr. Bush said those steps “will do the right thing for the American people.”
He has the audacity to talk about rewarding speculators?? WTF do you call the jerks at Bear Stearns and the rest of the investors that BushCo is willling to ‘shore’ up? Lets revisit this article that I posted about recently:
But when policymakers turned to cutting the funds rate last fall in the midst of the sub-prime mortgage debacle and housing market meltdown, they discovered that this tool had been rendered essentially powerless.
The banks and other key financial institutions with which the Fed deals had been so shaken that, instead of borrowing money and lending it out, they borrowed funds but hoarded them. The financial institutions feared they themselves might need the funds. (emphasis mine)