September 25th, 2008

Enterprise Bridge

Another reason why a "clean" bailout bill was a bad idea

There must be provisions to protect homeowners whose mortgages are bought up by the federal government. Otherwise, this bailout truly is a bailout for reckless rich people, and no more.

See, when we had the savings and loan crisis in the '80s, the federal agency created as part of that bailout, the Resolution Trust Company, was charged with liquidating the assets of failed banks. That's it. Not "that's all they were told to do, and had freedom in how to do that", but "that's what they were told to limit themselves to, and fuck everybody else". People who owned homes were told that they weren't RTC's problem. Fuck them, and their credit, and their investment. This cannot be allowed to happen again.