Casper Posted July 14, 2008 Report Share Posted July 14, 2008 http://money.cnn.com/2008/07/13/news/economy/indymac_fdicstatement/index.htm?cnn=yeshttp://money.cnn.com/2008/07/14/news/economy/fedrules/index.htm?cnn=yesWith all that's happening in the mortgage market right now, I ask you all this:Should the US Goverment bail out these mortgage companies, or should we let them bomb? Quote Link to comment Share on other sites More sharing options...
redbarron77 Posted July 14, 2008 Report Share Posted July 14, 2008 I remember all those S&L's in California back in the late 70's (I think, but my memory for those dates may be off). It is a business, and if it fails, it fails. Was there a Gov't bailout for all the DotBomb's?NO!Shit happens. Move on. Quote Link to comment Share on other sites More sharing options...
fusion Posted July 14, 2008 Report Share Posted July 14, 2008 Some will need to be bailed out, but not all. There's a couple like Fanny Mae and Freddie Mac that if left to fail could cause our economy to nearly collapse. I'm not sure that wouldn't be a bad thing necessarily, but I don't have too much faith in my fellow human beings. Quote Link to comment Share on other sites More sharing options...
Dweezel Posted July 14, 2008 Report Share Posted July 14, 2008 but I don't have too much faith in my fellow human beings.F-'em. Let them bomb. This country rewards stupidity WAY TOO MUCH as it is. Quote Link to comment Share on other sites More sharing options...
DangBruhY Posted July 14, 2008 Report Share Posted July 14, 2008 I think the govt should bail them out, but at the same time, the govt should also put restrictions on them. Such as not letting them rip people off. Quote Link to comment Share on other sites More sharing options...
Vulcan_Rider Posted July 14, 2008 Report Share Posted July 14, 2008 I work for a bank and I can tell you that these companies have to be bailed out. When it was announced that they were saving freddie mac and fannie mae the dow jones went up over 100 points. When national city was first reported as having problems the stock market plummeted and people started pulling their money out of banks. If we just let these companies bomb then interest rates keep going up prices on everything keeps going up the market goes down and we will be in even more shit than we are now. Quote Link to comment Share on other sites More sharing options...
Casper Posted July 15, 2008 Author Report Share Posted July 15, 2008 I work for a bank and I can tell you that these companies have to be bailed out. When it was announced that they were saving freddie mac and fannie mae the dow jones went up over 100 points. When national city was first reported as having problems the stock market plummeted and people started pulling their money out of banks. If we just let these companies bomb then interest rates keep going up prices on everything keeps going up the market goes down and we will be in even more shit than we are now.What's the point in capitalism if there are no risks? These are private companies who made billions. Now, because of their own stupid lending practices, the housing and mortgage markets have crashed. Time for the government to bail them out? Fuck no. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted July 15, 2008 Report Share Posted July 15, 2008 Seems like a perfect spot for an "In Soviet Russia" joke, but I'm drawing a blank. Sorry. Quote Link to comment Share on other sites More sharing options...
RC51 John Posted July 15, 2008 Report Share Posted July 15, 2008 Help Fanny Mae and Freddie Mac, fuck the rest.It wasn't all poor lending practices, there was a shit ton of very poor borrowing practices. Mr and Mrs "I gotta a $300,000 house NOW" really fucked it up for the rest of us. Quote Link to comment Share on other sites More sharing options...
CleaveTheGreat Posted July 15, 2008 Report Share Posted July 15, 2008 Freedie Mac and Fannie Mae needed to be bailed out or else our economy would crash, completely. They are massive companies with trillions of dollars in assets. People like to trash big business and criticize their lending practices, which do deserve criticism, but I doubt that anyone wants to see what would happen to the economy if companies like this start going under. There are inherent risks in a capitalist economy but when it comes to things like mortgages that make up such a huge part of the economy, there has to be some type of government assistance in emergency situations. I definitely agree that the government should regulate the practices of these companies that they're bailing out but just letting them fail is not a good idea. I bet that if your mortgage company went under, then another company bought the rights to it and jacked your interest rate up 5% you'd be wishing that the government would have done something. Quote Link to comment Share on other sites More sharing options...
shittygsxr Posted July 15, 2008 Report Share Posted July 15, 2008 Fannie mae and freddie mac are psuedo government companies just like the post office. Sallie Mae is awesome, those guys know how to party!!! Their sales reps took care of me in vegas and dropped some serious coin.As far as the big private banks go let them bomb, I think everybody remembers how housing prices shot up for over a decade. Price is a function of supply and demand and they created an artificially high demand by giving every asshole a loan. So every person who bought a house in this country over the last 10 years has already been ripped off by them, and I have no more to give them. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.