When tomatoes are suspected of causing headaches, the FDA removes tomatoes from the shelves. Do the farmers get reimbursed? Heck no!
When China put lead in children's toys, they are removed from the shelves.
Does Toys R Us get a write-off? Heck no!
When tires blow out, all tires from a company are removed from the market, ALMOST bankrupting the company.
Does Firestone get federal relief? HECK NO!!
Now we have financial companies who sold risky investments as if they were "backed by FNMA". Those loans were from people who could not afford to buy a house in the first place. They were encouraged to get a loan for the downpayment on an interest-only loan so they could afford the house payment - at least until rates were adjusted.
When rates adjusted and people started defaulting on loans, the house of cards that Lehman and others built came crashing down.
What happens to all the financial firms participating in the scam - WE HAVE TO BAIL THEM OUT.
THAT TICKS ME OFF!!!!
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1 comment:
Right on Steve,
Robert passed along your blog to me after I had sent him the following note:
Friends,
Was wondering, do you have 700 billion dollars you could loan my bank, or better yet, just give it to them, as they are such deserving folks? I would call this back-door socialism except that there is so much greed involved I think it would be speaking too generously of the situation.
There was a CEO in India that was attacked and beaten to death by his ex employees. I might spend a little money for that type of reform (along with the regulators of course).
My brother also said it just as well:
Not much "back-door" about it. More like extortion, though.
So there is my 2 cents.
Thanks for the blog
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