Well, the deregulation-delirious Republicans have been laughing all the way to their failing banks for the better part of their golden ages. The rich get richer; the middle class get poorer. Ah, well, who cares as long as Dow is over 10K; let the chips fall where they may. (Poet. Know it.) When it starts to get a little dicey, however, the big fromages at Bear Stearns, Lehmann, Merrill Lynch (or not so much), Goldman Sachs, AIG, and Morgan Stanley, bellow “Iceberg!” It appears they are willing to take on a little water in steerage, but let us not get our ankles moist. We must be bailed out! We must! The whole of Main Street depends on us remaining
rich, priveleged influential afloat in order to forge the way for the unwashed of a free America!
One problem, though. They lie:
Homeownership remains key to creating an opportunity society. We support timely and carefully targeted aid to those hurt by the housing crisis so that affected individuals can have a chance to trade a burdensome mortgage for a manageable loan that reflects their home’s market value. At the same time, government action must not implicitly encourage anyone to borrow more than they can afford to repay. We support energetic federal investigation and, where appropriate, prosecution of criminal wrongdoing in the mortgage industry and investment sector. *We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all. We encourage potential buyers to work in concert with the lending community to educate themselves about the responsibilities of purchasing a home, condo, or land.
*The emphasis in this little nuggest would be mine.
Nothing like a little trash-for-cash bailout when the seas get too rough for Thurston Howell III and his dearest Lovey.