So...
Fannie Mae and Freddie Mac are collapsing, just as I predicted, and Bush wants to prop them up with our tax dollars, also just as I predicted... potentially tens hundreds of billions of our tax dollars.
Fuck that. Let them collapse. Cancel their stock, strip their executives of all personal property, and change the laws so businesses like theirs can never exist again. Fractional reserve lending is the cause of the bank crisis. Make it illegal. Banks as we know them will cease to exist, but that's a good thing.
The Brits are bailing out their housing market, too. Reuters ran an editorial yesterday (linky) likening the British bailout to a Ponzi scheme. The comparison is apt; like a Ponzi scheme, these bailouts draw money from new investors (taxpayers) to pay unsustainably high returns to existing investors (the filthy fractional-reserve lenders who created the crisis in the first place).
Fuck that. Let them collapse. Cancel their stock, strip their executives of all personal property, and change the laws so businesses like theirs can never exist again. Fractional reserve lending is the cause of the bank crisis. Make it illegal. Banks as we know them will cease to exist, but that's a good thing.
The Brits are bailing out their housing market, too. Reuters ran an editorial yesterday (linky) likening the British bailout to a Ponzi scheme. The comparison is apt; like a Ponzi scheme, these bailouts draw money from new investors (taxpayers) to pay unsustainably high returns to existing investors (the filthy fractional-reserve lenders who created the crisis in the first place).