Saving the banks was necessary. The Emergency Stabilization Act, which was signed by President Bush has actually made money for Americans to the time of about $12B
Made money for us? I didn't see any added to my account..
The housing bubble came about because of government stupidity. The Clinton cabal decided that people who couldn't afford a reasonable down payment, should be rewarded with a home nonetheless.
Before that time people saved for a down payment before applying, usually about 20%. That showed responsibility and money management skills.
So along comes the Clin-toon plan..something like .."a dollar down and a dollar when I see you"!
In any case, they loaned much of our money, held by the big banks, to people who could ill afford a home.
Banks loaned carelessly, since the politicians guaranteed the loans....with our tax money.
...And naturally, since the money was so cheap, these irresponsible people chose homes that were far beyond their ability to pay for...say nothing about maintaining properly.
So, soon the government compounds the issue, by bailing out these delinquent home buyers, again with our money.
Politicians are so clever.. They decide that the government should get into the college loan business..
Naturally, they also decided that regardless of the cost, the govt would guarantee the loans to the colleges.
Well, that's all those greedy institutions needed...tuition costs rose exponentially, and students kept borrowing.
So the plan goes bust...and those same politicians want the rest of us to pay iff these private debts..
It's getting a bit tiresome...
