Wall Street goes on Welfare

Lets face it folks Wall Street is going on welfare! With the latest round of government bailouts huge corporate giants like Bear Stearns, Fannie Mae and Freddie Mac and now AIG. The AIG bailout which consists of an $85 billion loan from uncle Sam in exchange for an 80 percent stake in the company. Excuse me if I sound a bit rash but what is going on here? If Wall Street really needs to go on welfare then they just need to come right out and say it.

Read More openfuelresource.com...

Mod Edit: Fixed Spelling in Title

[edit on 9/20/08 by FredT]

haha! I never thought about it in that way, but it is very true.

(blah blah blah for 2nd line purposes)

It just pisses me off because I would have much rather had them help the homeowners directly, when this first started to happen, and help prevent all the foreclosures and such at the outset. But nooooo. We have to be all judgmental about "those irresponsible borrowers" and let them suffer.

It seems to me more overall good would have been done if the government had stepped in and made some move to guarantee some sort of refinancing scheme, to allow those people to stay in their homes.

The people would have been able to stay put, and hopefully kept up their payments, as it was the rising of the rates that was forcing them into foreclosure in the first place.

The markets wouldnt have been flooded with people desperate to sell or foreclosed homes.

The banks would have gotten their mortgage money, just with a little less profit.

Which would have meant AIG would not have lost all that money on the insurance for those loans, and not needed bailing out.

And the People of the United States would not be left to pay not only for the houses, but in essence all the salaries of all the wankers that caused this mess to begin with, because believe you me, those guys are going to get their compensation packages regardless what incompetents they are.

I just would rather have spent the money, (and I would bet it would have been a lot less money) helping the homeowners at the start of all this. Now, not only have they lost their homes, but in essence these same people (and all of us) are going to be paying the lenders debts as well as their own.

Its terribly unjust. Just my two cents.

Ah yes, the Wall Street Life!

So sweet to get a few million each year for Bonuses!
Even if they did screw up royally and now the company isn't doing so well they still get their Bonus because the Government bailed them out!

New House? Hamptons, NY

New water toy? A New Yacht!

New air toy? Get to work faster!