We all remember at the onset of this financial crisis when people were outraged that the government was considering helping people who couldn’t pay their mortgages.
Rick Santelli on CNBC, in a classic rant, accused the White House of promoting bad behavior. Remember this?
It became such a hit on the Internet that the White House had to respond. It seemed reasonable that the White House shouldn’t bail out people who were irresponsible with their mortgages.
I was against it too …. that is until the Administration bailed out the banks.
The banks turned around and gave their CEOs 100s of million of dollars in bonuses, tightened loan, increased credit card rates and turned record profits. In other words, they kept all of the money.
I am not for bail outs, but if you were going to bail out anyone it should have been people. They would have paid of the mortgages and the banks would end up with the money anyway – BUT – it would have stabilized the housing market and stimulated the economy.
We need change in 2010.