3 ms·
It'll impact everyone else ANYWAY. Why? Taxes. Someone has to pay for the government bailing them out. And because it is essentially a blank check with no over
by ajkirwin 18y ago
It'll impact everyone else ANYWAY. Why?
Taxes. Someone has to pay for the government bailing them out. And because it is essentially a blank check with no oversight, they'll make the mistakes again. And again. And again.
There's a reason it's called "risk". Because you have a chance of FUCKING IT UP!
- gaius 18y agoWell, exactly. For example, I am English. This means that I am a shareholder in a bank. How does this follow? Because the UK govt spent 50 billion pounds (about a hundred billion dollars) of taxpayer's money bailing out a subprime mortgage lender called Northern Rock. 50 billion pounds is an awful lot of money - it's about double the annual defence budget. Now, I'm not even a Northern Rock customer, I'd be happy if they'd gone bust because that, while a bitter pill for some, would have brought some sanity back to the housing market (yes I am a homeowner). Instead, we have this huge debt on our collective hands.
- ojbyrne 18y agoThe New York Times said that it would double the national debt instantly. Pretty scary.