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When do we bail out the rich bagholders?

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August 04, 2008 – Comments (0)

According to this nice story in the NY Times, all those Alt-A loans are starting to stink like so much ripe cheese between Mozilo's ancient toes.

Now, since the weathervane vote-buyers in Congress have already passed an enormous bailout plan trying to save those poor, beleaguered low-income folks who got slick-talked into those subprime loans, what are the politicians going to do to try and help the "rich" folks, with better credit scores, who lied about their incomes in order to get Alt-A financing on rapidly-depreciating McMansions?

This tidal wave is coming in the next couple of years, and these are those pesky suburbanite voters. They're going to demand their bailout too. Who pays for the next one, and when?

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