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Teetering on the brink of the new Depression
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grufty jim
grufty jim
1978 posts

Re: Teetering on the brink of the new Depression
Sep 23, 2008, 15:17
Rockabilly wrote:
What gets me is the constant mantra capitalism good socialism bad.
Except it appears when all the good capitalists have made some stupid mistakes and there institutions are about to collapse around them.
All off a sudden state intervention in a very socialist kind of way is perfectly acceptable.
Hypocritic bastards!


What I find most interesting about the proposed 'bail-outs' using public money is exactly *who* is getting bailed out.

Millions of people face having their homes repossessed because they can no longer afford to pay their debt. This, in turn, means that the institutions who loaned them money are facing ruin.*

To me, if public money is to be spent, it should be spent paying off those mortgages so that people retain possession of their homes. Instead it's being given to the large institutions in order to keep them afloat, meaning that repossessions will continue apace. It is the ultimate expression of capital protecting its own at the expense of the people.

(little known fact, the original tax-rebate handed out by Dubya when he took office would have paid off almost every mortgage in danger of default. Those of us who used the phrase "short-sighted" at the time are being completely vindicated, though it's really not much consolation)

Literal translation of the French word "mortgage"... Pledge of death.


* That's rather simplistic and is only half the story, but it's the half that affects millions of homeowners, rather than the half that affects thousands of financiers.
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Re: Teetering on the brink of the new Depression (Rockabilly)		 Replies:
Re: Teetering on the brink of the new Depression (handofdave)
Re: Teetering on the brink of the new Depression (stray)
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