I just wanted to weigh in on the current state of affairs, as it pertains to our financial institutions reaping what they’ve sown. You can probably guess the remaining content. I am quite satisfied with the death of a bank who offered loans to customers who could not afford them. Today we’re hearing all about the US government “seizing” up FreddieMac and FannieMae. Let them die!
Look, you have these people applying for loans, for homes then can’t afford. PEOPLE SHOULD STOP LIVING OUTSIDE THEIR MEANS! Of course these banks are offering the loans, and approving them. Ahhhh! Let them die!
Now, we’re seeing the US government step in, and bail them all out. Insanity! Adam Smith figured this all out, over 200 years ago. Let them die!
I must add, the abandonment of capitalism, in the mortgage finance industry is appaulling to those freedom-loving Americans who embrace consequences for failed businesses and rewards for those who succeed. When was the last time you saw a government state do anything more effectively and/or efficiently than the private sector? Post office? DMV?
I see the abandonment of capitalism in Bush’s nationalizaion of Freddie & Fannie. Very sad, very sad.