Blaglash.com

 

This awesome bank has sent this awesome letter to Congress.  I am so, like, proud of this bank for standing up against the bailout.  I assume that all financial institutions are pro-bailout, but the more I think about it, the more it makes sense for anamolies in bailout opinion.

These responsible banks, of which M and T (WHERE I WORK) is one, can profit from other bank’s mistakes.  Not just in the “I learned from your mistakes” way, but in a tangible “people think you suck and are coming to me now” way- like when your mom won’t raise your allowance (sucks) so you ask your dad and he says yes sure you get an extra quarter a week!  Why should the banks whose conservative lending policies helped them in long term profits want the risky investments and lending practices of other banks to be rewarded?  In the spirit of capitalism, which is quietly disapearing in our country, these banks should WANT the dumb banks to fail, should NOT back the bailout or RESCUE which is what they’re calling it today. 

The principle of choosing Wall Street bailouts over personal mortgage bailouts is unsound- they are trying to circumvent the solution by solving the problem.  QUOI?  That’s kind of confusing- and I kind of feel un-eloquent when I talk about economics- but here’s my idea:  by investing in the desired end result (fixing the credit crisis and restoring value to mortgage backed securities) they are forgetting that the crisis won’t go away and mortgages will still foreclose.  So investing the 700 billion in the goal kind of erases the way the goal will be achieved…

 THIS GUY has it right, and expresses it better than I can.

I am listening to Bloomberg radio all day and even though it lends a sense of apocolypse listening to news radio all day, it is also informative.  And they keep stressing the importance of restoring value to the mortgages that are causing the crisis.  My question:  WHY AREN’T THEY RESTORING VALUE TO MORTGAGES TO RESOLVE THE CRISIS?