Hey Bush, FIRE PAULSON NOW! Kill the Jim Cramer Bailout now!
Title of this piece speaks for itself.
Henry Paulson has proven to be completely in the tank with Nancy Pelosi, begging on one knee as if Nancy is Queen Elizabeth II... I mean how sickening is it that our SEC is run by a bunch of partisan, ignorant, boobs?
This whole things an absolute mess and frankly I do not see any need to throw hundreds of billions of dollars of Taxpayer money at buying up Mortagage Debt (WITHOUT) mind you (WITHOUT) any insurance against those mortgages should they default.
How does a mortgage default? Simple.... It defaults when the Property surrounding it becomes uninhabitable due to lack of local government funds to keep the property habitable. If it's abandoned for years.. It will quickly resemble the City of Detroit in its disgraceful mess of boarded up, broken windows, dirt filled, bad plumbing, cracked brick, charred roofed properties they are trying to sell off to people for $1 and no one's buying them for $1.
The House Republicans are right on when they say, "There's an alternative to just handing out money."
Motley Fool also has it wrong when they have recently e-mailed people in a PANIC ATTACK David and Tom Gardner Mode PANIC STRICKEN O-MY-GOD Fest Campaign asking people to call Congress to get Taxpayers to purchase Equity into the Wall Street Banks.
That's mind numbingly short cited logic that could lead to even worse situation than launching $700 billion at a problem. Why? It's just like expecting Mortgage Debt to go up in value over time... How will BANKS go up in value overtime if they are busted? How is that going to generate value for the taxpayers?
Don't buy into the PANIC ATTACKS going on from Democrats, Jim Cramer, and now Tom and David Gardner....
The reality is simple... Let the banks fail and let the foreclosures happen because getting in front of it is going to make matters worse. The alternative is to let Wall Street Pay for Wall Street's mistakes.
While no one wants to see our economy in a downward spiral for 10 years.. Frankly.. That's exactly what I fully expect it will take to get out of this mess and to pretend we can stop it by throwing money around is as naieve as Bernanke thinking Government can prevent a "Depression" from happening.
No amount of "NEW DEAL LEGISLATION" ever solved the Great Depression. Only the War did.
And sadly, it's going to take something as big as a WAR to solve this mess and if Americans can't stomache their portfolios going under for 2 to 3 or so years more then that's too bad because I don't see a turn-a-round for quite awhile.