We need transparency of the bank's balance sheets before we throw money down the drain! We need to nationalize the banks and let shareholders and bondholders take the consequences while corrupt management is purged. But no! It looks as if they will use taxpayer money first!
The "Bad Bank" or "Aggregator Bank" plan is nothing less than using taxpayer money to bail out the greed and fraud of Wall Street banks. We need nationalization of the banks to get ahold of the crisis and hold shareholders, bondholders and especially management of these banks responsible to pay the piper for their catastrophe.
The "Bad Bank" will consume over a trillion dollars of taxpayer money, and probably much more. Recent estimates of the losses top $5 trillion, and as the economy nosedives it will only get worse! It will put in jeopardy all government spending such as SSI and Medicare!
Call, write and phone Congress today then tell your friends! (Congressional lookup by zip code)
Jan 31 2009 - 5:03pm