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Krugman is right on the foreclosure mess October 16, 2010

Posted by hslu in Congress, Economics, Global Affair, Politics.
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If you are waiting for the housing market to stabilize, you’ll have to wait for two or three more years until the foreclosures mess is resolved.

For once, I agreed with krugman and the big banks have no one else to blame but themselves.

http://www.nytimes.com/2010/10/15/opinion/15krugman.html?th&emc=th

I think the Attorney General Eric Holder should investigate these banks and some people should go to jail for their actions.But I don’t think he will.

Time after time, Walls Street power houses and major banks have done their best  to fill their own pockets at our expenses. When they failed, the government bailed them out using our tax money.

And what do we get in return? The same irresponsible bunch of crooks and liars. And not even a “Thank You” note at Christmas from them!

The financial system of the United States is broke. Once mighty America is brought down to its knees by its own financial system from inside. Once the shinning example for the entire world is now responsible for the slow down in many countries.

The politicians, such as Barney Frank and Chris Dodd, are in the pockets of their big donors, most notably Fannie Mae and Freddie Mac. All the way back in early 2002 and 2003, the Bush administration wanted to fix Fannie and Freddie but the legislature was blocked by Frank and Dodd. They, among others, are responsible for the bankruptcy of these two companies and for the recession and slow down all over the world too.

But have they been punished? Were they held accountable for their actions? No!They politic system does not allow for that. We’ll have to wait for an election to do that if they can be replaced.

This can only point to one thing: The once proud example of the American political system is broken as well.

And did the politicians come up with any resolution for Fannie and Freddie in the latest financial reform?

No! They didn’t touch it. They made the mess themselves and they didn’t want to touch it with a 10-foot pole. They leave the 烂摊子 “lan4 tan1 zi3” to the next congress to deal with.

In the mean time, the Fannies and Freddie need another $100+ billion to bail them out. That’s $100 billion of our money!

The whole thing makes me sick!

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