And one more thing...

posted by The Vidiot @ 8:43 AM Permalink

I really hate how disingenuous the corporate media's coverage of this fiasco has been. The way they tell it, it's all because those little people making $50,000 a year, got $500,000, interest-only, ARM loans for their mcmansions. THAT'S why we're in this mess. It's all those little people that took on bad debt. But don't worry. Just make sure you invest for the long-term and diversify your investments. DON'T pull your money out of the market (for god sakes don't do that) just wait it out and you'll be fine. DON'T PANIC.

But of course, as an aside, we have all these big, behemoths who took on even more debt and leveraged themselves to a point where they couldn't bear the weight any more. But that's just conducting business.

And then, the government's solution is to give those big guys an $85 BILLION loan?!!? The SAME big guys who couldn't manage all that money to begin with??! I mean, when that little guy defaults on his loan, he's screwed when it comes to getting any credit after that. But the big guys? Well, here you go sir! Here's $85 billion and a cigar! Pay it back whenever!

So, the moral of the story is: If you're going to fail, fail BIG!

Labels: Economy