Another $800 billion to buy mortgages

[Soleron]

psrock said:

Faxanadu said:
nice, good job being socialist.

Taking the debts and risks of a few and distributing them evenly across the whole nation.

 

you make it sound like a bad thing.

It is. The banks took on the risk when they made the mortgages - and have profited considerably up until now from doing so. Now that the risk actually becomes real losses, the government takes all responsibiloity away from the banks. The underlying problem is an irresponsible attitude in the banking industry - which will not go away if the government lets them know they can do what they like and still be bailed out.

If I took a risk worth several times my cash deposits, the government wouldn't bail me out...