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I don't understand how US still doesn't get it. You bail out Wall St. people who ran a pyramid loans scheme and now the company who was the worst in the big car
by alecco 18y ago
I don't understand how US still doesn't get it. You bail out Wall St. people who ran a pyramid loans scheme and now the company who was the worst in the big car madness. Their worse bit was selling the socially irresponsible Hummer.
http://en.wikipedia.org/wiki/Hummer#Criticisms http://en.wikipedia.org/wiki/Hummer#Criticisms
Why are you going to bail them out and not the good tech startups? Or the sane VC, you know, the guys who risk money on new ideas that benefit the whole world economy.
Judging how it is going with banks, this won't work for workers. The interest rates are not passed down to mortgages and I bet the GM bailout won't save that many jobs. Also remember what happened with the airlines bailout on 2001/2, they fired a lot of employees anyway.
- anamax 18y ago> I don't understand how US still doesn't get it. You bail out Wall St. people who ran a pyramid loans scheme It's not just the US - the EU's bank bailout was about 3x as large. The loan problem was a US govt idea - encourage banks to make loans to folks who didn't qualify under normal standards (including punishing banks that didn't do so) and have two huge govt sponsored enterprises (Fannie Mae and Freddie Mac) buy many of them and "create a market". Which is where the EU got involved - EU banks and govts bought those loans too.