It may be hopelessly old fashioned, but isn't the job of the "Fed" to maintain the fair value of the dollar, and not bailing out every ne'erdowell who took out loans with no money down and no money to pay them or the "bankers" who made these loans solely to flip them, because... the Fed let them by ignoring prudential rules?
Ironically, these same lenders and bankers combined to price folks who are serious about repaying their loans and/or issuing loans out of the market. It probably is just me, but how is it fair to essentially wipe out the savings of hundreds of thousands of Americans who work overseas so that the idiots at BearSterns and Lehman can get a nice boost in their share value. In fairness, this does benefit the future pensioners, but that would be largely because the same "bankers" at Lehman and BearSterns put their employees into their own stocks as a "pension plan". I mean, where a Euro was worth USD 0.90 less than five years ago, and today my savings in USD are worth exactly 60% less in buying power. Doesn't that kind of make Bush evil or something? Remember the bad old days when one had to have money and/or downpayment and/or collateral to borrow and one had to follow some kind of rules to issue loans and call himself a "banker"? sigh. Ironically, I am a life long Republican and wrote the first MBS in the CIS. 2xsigh _______________________________________________ Expat mailing list [email protected] http://www.lists.ru/mailman/listinfo/expat http://www.expat.ru/forum/
