Friday, September 19, 2008

A Great Depression? You said it.

So let me get this straight: Americans who couldn't afford the down-payments on 30 year fixed mortgages, and decide to option risky low or no-interest loans, are now going to ruin the finances of every American, in addition to theirs? Yeah, that's a heck of a plan.

America Out On Bail

A grim-faced President Bush acknowledged risks to taxpayers in what would be the most sweeping government intervention to rescue failing financial institutions since the Great Depression. But he declared, "The risk of not acting would be far higher."

"As we all know, lax lending practices earlier this decade led to irresponsible lending and irresponsible borrowing. This simply put too many families into mortgages they could not afford," Treasury Secretary Henry Paulson said.

Since when did "keeping up with the Joneses" become the mea culpa for being a greedy selfish asshole?

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