US Government Takes On Six Trillion Dollars of Bad Debt

[citizenbfk]

This could be the largest financial bailout in the nation's history.
The two government sponsored enterprises (GSEs) own or guarantee
almost half of the country's $12 trillion in outstanding home mortgage
debt.

This is like a bank robbery. Wall St. & Congress have conspired in the
largest stealing of tax dollars in US History. This equals all the
other failures of Bush/Cheeney and their cohorts.

In comparrison, five (5) years messing over Iraq -- who had nothing to
do with 9/11 or WMD's -- has yet to cost a trillion dollars, while
this government bailout takes on liability for SIX trillion
dollars,,,

... buying all these bad debt mortgage loans to save banker's butts
and passing on that debt to tax payers.

This should be no surprise. It's like FEMA in New Orleans. It's like
starting a war for false reasons. It's like letting bin Laden run
around alive and free.

It's like running out of money to build and repair roads and bridges.
It's like joblessness hitting the highest levels in five years.

It's our country going down the tubes, whether for Wall St. bankers,
Oil companies, or the interests of Israel.

Bend over America, this is the final screw job of evil profiteers
destroying us.

[websmith]

This isn't just like a robbery. It is one. The people that allowed
these loans to take place have been in the banking industry for
generations. They absolutely knew that the people taking out these
loans were not going to be able to pay them. There is no doubt. They
now have sacrificed some of their own to close the deal. Now that they
have taken all of the money that these Americans had, they want us to
just let them walk away and resume business as usual. They are now
trying to act like victims and frighten us into giving away our
children's money before we have time to think about it.

This is the same SOP that has been used throughout this
administration. After we shut a few more banks down, they might
realize that we’re not going to take it anymore.

It's time to call their bluff. Don’t panic, but go to the bank, get
your money, and refuse to redeposit it until Congress and the banks
work out a deal that takes the taxpayers into consideration and
penalizes the people who did this. Then, in November, vote the people
out of office who enabled this to happen with their legislation.

http://ewebsmith.com/bus/taxpayers.html

[citizenbfk]

As I replied in the previous thread: 'Meltdown of the Economy,'
it's a great idea to take a little money and a little power away from
the
banks if we can.

I couldn't agree with you more.

[SergeantPepper/ACT]

And it gets worse.