December 11th, 2007

New Tilley Hat

The Sub-Prime Bailout

(Well, the STrib didn't post my letter, and it's not long enough for a DailyKos Diary. Quotes are from Sunday's editorial.)

First, under pressure from campaign contributors, conservatives pushed through a new bankruptcy law making it harder for people to get out of an oppressive debt and pay off their creditors slowly. Second, those same greedy capitalists insisted on giving sub-prime loans to people who couldn't go bankrupt and pay off their debts themselves. Now, under the guise of helping people with "questionable credit histories", US taxpayers are bailing out "irresponsible lenders". Corporate greed is very expensive.