About the 'no stock broker left behind' bill

[melchar]

Let me get this straight - the Senate has added 150 BILLION more to the 700 billion 'Wall Street Welfare' bailout bill. Bwah?

So they added PORK and did NOT add re-regulation [they should do this FIRST] - so they're doing NOTHING to stop this from happening again;

They should BAN collateral debt obligations and adjustable rate mortgages. Plus they are explicitly going to allow FOREIGN interests to get bailed out, too. Anyone else feel sold down the river?

Comments

[daytime-moon.livejournal.com]

w.h.a.t? holy shite. I'm soo confused, and yet, it all makes sense, and doesn't at the same time. I did appreciate the insight by your various commenters, so that helped. I think. :)

[melchar.livejournal.com]

I listen to too much news radio and thus I have learned that the big problem came from the mortgage defaults. The banks financed a lot of mortgages for nothing down, negligible interest - and when these mortgages were failing as housing prices dropped, the banks BUNDLED them together so these bits of fail were moved from the 'failed loan status' [on their own] into an 'asset' because they were bundled [WTF?] and then these bundled toxic loans were SOLD to the financial markets.

So there are piles of these loans [still less than 100 billion, by all reports] that began causing financial houses to totter. So the REST of this huge mess was money to pay the financial house - and also to pay for a new government bureaucracy - and a lot of extra pork just thrown into the bill to get the votes it needed to pass!