[Homestead] We may own an insurance comapny
akkabhomestead at yahoo.com
Wed Sep 17 11:00:53 EDT 2008
Referencing the congressional approval thing, I heard on the radio last night that Paulson did ask for approval and received basically a blank check from Congress, which is one of the reasons we are seeing the 'piling on' effect. The person I heard was saying that this bailout of billions just encourages more over leveraged companies to collapse to be bailed out. I know nothing about this kind of stuff, just passing on what I heard.
I hear both McCain and Obama blaming the administration for all of this.
How is government, and specifically the Bush administration, to blame for this economic collapse on Wall Street? Like I said above, I really am not economically minded and know very little about this kind of stuff, but it seems to me that if a company is leveraged 30 to 1, borrowed 30 times more than it is worth, and even those assets in the 1 column are worth less than one, then it seems to be that this is not government, this is simple corporate and personal GREED and maybe in some cases fraudulent or at least unethical activity.
From: "Don Bowen" <don.bowen at earthlink.net>
> The Fed is making an unprecedented move and may be buying a stake in AIG
> $85B as in Billion as in $85,000,000,000. There is no congressional
> approval for this, neither explicit nor implied. The cards are tumbling
> faster and faster.
More information about the Homestead