It's a dead issue, I know, but I can't resist posting on it one more time, mostly so I can link to Infinite Stitch's post
which is exactly right:
No one makes banks lend money to people with bad credit ratings - the banks willingly do it on their own!! They lend all kinds of money to people who will never be able to pay it off. So if a bank choses to make a bad lending decision, I don't think the government has to make that bad lending decision into a profitable decision.
In addition, these sub-prime lenders charge enormous interest rates of 25+%, which they say is because the borrower has such poor credit rating. So the bank makes a knowingly bad lending decision, makes huge profits, and still expects the government to spend money and time to make good on the bank's bad lending decision.
Republicans say they want less government, but the hypocrisy. When it comes to the issues of the rich and powerful, then the Republicans want every kind of government intervention to help businesses who made bad business decisions.
Of course, this is really no surprise. Republicans -- the ones in power now, at least, say they're conservatives, say they want less government, but every move they make shows it's all about the power for this pack.
Jack-booted thugs, anyone?
6 hours ago