Banks may write down $70 BILLION
By Brandon Dawson on Jan 30, 2008 in Business, Politics
When are we finally going to see an end to this preposterous string of corporate villainy? [link]
So let me see if I’ve got the sequence down here: First, the banks went on acquisition sprees after being deregulated. Then they made a bunch of bum loans, which wasn’t too bad until they packaged them up and traded them around like baseball cards. Now the bubble’s bursting on all that, so our President wants to bum money from China while cooking up some extra cash with the Fed, which is an inflationary double-whammy on the money the rest of us have in our pockets. Meanwhile, the corporations that made the bum loans want a bailout and will get to write-off the losses on their taxes anyway, leaving their stockholders holding the bag with a smaller amount of ever-cheapening dollars in their pockets, too.
Did I miss anything there?
