Re: Bernanke Wants to Bail Out EVERYBODY...Including the Guilty

[waldo88]

On Feb 25, 2:57 pm, Ray <r...@no.net> wrote:
> Apparently Bernanke (and Obama too?) wants to bail out even those
> who committed fraud and used false financial statements to obtain
> loans.
> ************
>
> Bernanke: Bail out bad borrowers, too
>
> By David Goldman, CNNMoney.com staff writer
>
> February 25, 2009
>
> Federal Reserve chief says mortgage market woes must be solved to
> fix financial markets, even if it means helping irresponsible
> borrowers.
>
> NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke
> said Wednesday that the embattled housing market has crippled the
> economy, and at-risk homeowners need a bailout - even if they
> knew they couldn't afford their home in the first place.
>
> "Some borrowers presumably knew what they were getting into,"
> Bernanke said before the House Financial Services Committee. "But
> from a public policy point of view, the large amount of
> foreclosures are detrimental not just to the borrower and lender
> but to the broader system."
>
> "In many of these situations we have to trade off the moral
> hazard issue against the greater good," he added.
>
> http://money.cnn.com/2009/02/25/news/economy/bernanke_house_hearing/i...

Utter government bullshit. Why won't they screen those to determine
who
is credit worthy?

mitch