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There is a more reasonable solution for this "bailout"- predicament. Instead of bailing out the bad institutions, why not funnel federal money into the economy by going through the good banks. They are more likely to be able to pay us back and with interest. Do we really care if the other banks and their CEOs go belly up? Would their folding not be a lesson in the free market system that they have lauded in the past?
Since we are already taking care of Freddie and Fannie, are not most of the mortgages protected? If not, as the bad banks fail, the good banks could buy up these notes at their lower market value, then negotiate with the home owner to stay in their homes by discounting the principle into a range they can afford. Let the greedy, failing institutions survive if they can, but not further burden the taxpayer or the economy.
I am deathly tired of the brokers and millionaires bleeding the economy of every nickel, only to cry for help when they overstretch their abilities. Someone today asked me if this was a "no bank left behind"- policy initiative? I wonder.
Mark Green
