If you don't believe in reincarnation, you'd better re-evaluate your thinking. The Resolution Trust Corporation which was a fund created by the gov. asa clean up solution to the S& L Crisis of the 80's and 90's is looking more like Frankenstein today!
After a roller coaster week, stocks soared this morning as investors basically hear the news that a forthcoming announcement by the government could create a financial medium to buy bank's assetts and then hold them.
But WAIT JUST A GOL DARN MINUTE! The fed just BOUGHT like 89 bajillion dollars to bail out Freddie, Fannie and AIG...our national debt AND deficit are through the roof...so where do they get this money to then BUY the bad debt from these banks to make them solvent once more? Do they print more money to just devalue the dollar even more? And guess wh's really buying this bad debt..yes you guessed it...you and I . I see debt people!!!!!!!!
Here's the problem. And it's one we're teaching our kids today too....As long as we keep bailing out these large companies, why should they change their practices. As long as the kids know mommy and daddy will bail them out, why should they try for harder grades or stay out of trouble. We've turned a blind eye for a long time. We have to let someone fail , and learn some accountability. And that includes our government.
Because the next thing to go bankrupt is Social Security....It's looming in our headlights. And unless Obama if elected, raises our taxes to 70% per household, unfortunately it will have to fail.
So don't bank on the banks...and save for a rainy day...cuz the gov. AINT gonna be there for you!
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