Wednesday, October 1, 2008

Wall Street To Be Made 100 Percent WHOLE With Our Money!

OK, I go out and buy a home, and the neighborhood takes a dive in the shitter, or maybe I rented the home out to someone that trashed it. Either way, my asset is now worth less, maybe a lot less than I paid for it. I have to EAT THAT LOSS. Bad mortgages, and Wall Street greed have driven down our home prices, robbed us of our Equity, we have to swallow that as well. Yet, if you read both the House and Senate Wall Street Bailout bills CAREFULLY, Wall Street is going to be made WHOLE. Under the section titled, "Preventing Unjust Enrichment" the bill forbids the Secretary from buying an asset for more money than the lending institution PAID FOR IT! I'll take that deal every day...I bought something for ten dollars, it is now worth seven dollars, but the treasury will buy it back from me for TEN DOLLARS! HOT DAMN!

Secretary shall take such steps as may be necessary to prevent unjust enrichment of financial institutions participating in a program established under this section, including by preventing the sale of a troubled asset to the Secretary at a higher price than what the seller paid to purchase the asset.

Meanwhile, on related news, Bill Clinton who is out stumping for Barrack Obama is trying to tell us on Main Street we have to GET BEHIND THIS BAILOUT.

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