Bush has said that he will NOT support any legislation that bails out lenders. Can I just say that I am shocked. I am again agreeing with the man.
If I agree with him on anything else in the next week, I may need to have myself committed.
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I am opposed to a complete and total bail-out, since the lenders made huge business mistakes. BUT. Our economy needs the lenders, and if a large number fail, we have a huge problem. I am also opposed, btw, to bailing out folks who bought houses they clearly could not afford. Too many people want lifestyles they clearly cannot support. And too many people sign papers without reading or understanding them. The banks were stupid for assuming that house prices would continue to rise, and that they were thus "covered" against defaults. And too many people gambled that interest rates would stay low, and house prices would keep going up. It's sad, and it's unfortunate, but it isn't like a tornado or a hurricane -- these people aren't "victims" of something unavoidable; they are as culpable as the banks they borrowed from.
Amen to Changejunkie.
I had to chime in because I loved the title "Herding Kittens"
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