Quote:
Originally Posted by nevermind65
..... but either way, I'm going to pay for somebody else's f-up.
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You never can tell. Buying up the toxic mortgages may be a money maker in the long run. The banks with all of these stupid sub-prime and interest only mortgages are backed by the houses/land. The banks cannot have them on their books for loooooong times waiting for the market to turn around.
But the gov't is actually the biggest bank in the world. It can wait for its money. Maybe 5 years down the road we will see if this was a wise move. It will only be a wise move if the congress wakes up and starts to downsize government spending. Maybe a possibility with McCain, but I really doubt it will Obama.
I would not bet on it, but hopefully this bill will prevent this recession from turning into a depression.