Who is Uncle Sam Saving us From? - Travis Egan, Mortgage Planner, Delavan, Wisconsin
September 17, 2008I don’t know about you, but I’m a bit tired of our government bailing out all these investment banks. What happened to letting the market “fix” itself. If we are, as we profess to be, a free market society, then why in the hell is Uncle Sam constantly bailing out these failing companies? I’ve heard the whole “if we fail to help them then there will be a run on banks and cause issues with the money supply,” argument. But these aren’t depository banks. These are investment banks. Do our elected officials think we’re all a bunch of idiots? They must. We know the difference. The greedy bastards that couldn’t wait to throw money at anyone with a pulse to buy a home, all in the name of better interest rate returns are now being forced to answer for their decisions. They gambled and lost. If I go to Las Vegas and lose at the Bellagio am I then able to call Ben Bernanke and ask for a bail out? Actually, we’re all losing. Isn’t AIG an insurance company? I mean c’mon… Am I the only one who’s had enough? We wonder why our collective taxes keep rising. We wonder why so many people look to the government to save their behinds. All we have to do is look at the headlines. Apparently, if you donate millions or billions of dollars to political parties than you move up to being “bail out” worthy. Let the markets do their job. Let the chips fall where they may. Old venerable institutions like Lehman Brothers, Merrill Lynch, AIG, or any other company who chose to purchase sub-prime mortgages should reap what they sow. You collateralize junk mortgages and never expect to pay for that then you suffer the consequences of watching the company you run vanish. I try to teach my children that there are consequences for poor decisions. Apparently, that’s only true if you’re not a multinational, company worth billions of dollars. Otherwise big brother will ride in and save the day.
Travis Egan is Delavan, Wisconsin’s premier mortgage lender and looks forward to the opportunity to discuss your real estate and mortgage questions. Please call him at (262) 740-7751.
Originally posted: http://activerain.com/blogs/travisegan

Posted by Travis Egan
