You know, the smart thing to do regarding this financial bail-out for the ‘bad’ debt mortgages, is to simply give those homes to the homeowners and wipe out their debts. This makes a lot more sense then bailing out those corrupt financial institutions, which should be allowed to fail.
By giving the homes to their occupants (paying off their mortgages), this would be a huge financial ‘charge’ to the system, and helping those that actually need the help the most. And by letting these financial institutions fail, they don’t get rewarded for their stupidity and no golden parachutes.
Think about it. We don’t “need” mortgage companies (or Wall Street for that matter). But we do need homes. And we need Americans debt free. And unfortunately, working. If they lose their homes, they can also wind up losing their jobs, or already have. Only by keeping Americans in their homes can we stave off more disaster.
These executives and loan sharks on the other hand, can kiss my ass. They don’t need my help or yours. They need to pay for their crimes. Let these firms fail and these scum sucking bottom feeders can go get real jobs and actually work for a living.
This does not answer any of the other bad debts out there, such as junk bonds. These should have never been legal or allowed.
After the government attacked the United States on 9/11, the stock market was suspended. This could be done again. Erase these bogus debts entirely, giving the assets and ownership back to the people (if there actually is any, and it’s not just vapor-paper) and let these institutions vaporize. We could do it in a week if we were allowed.