Thursday, October 4, 2007
Subprime: Bailout backlash
(Subprime: Bailout backlash) I'll never understand why people who took bad loans deserve anything. They took loans. They were presented with the same information I was presented with when I signed my loan. Every term in black and white. The right to have an attorney review the contract. The right to refuse the contract. I don't care what irresponsible bad intentioned mortgage broker told them. They had all the right tools to prevent themselves from getting in this mess. No one forced anyone to take out a loan. Why can't we let the market runs its course? Why do investors in mortgages deserve a bailout? When you take risk and get burned we don't give you a refund. When is the government going to start backing every investment on the market against lose? Why should I lose money in a mutual fund? It will hurt the American public when I can't afford my own retirement. Sign me up for a government backed no loss portfolio.
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