JustMe wrote:I am as dumb as dirt about our bailout to the tune of hundreds of billions (BILLIONS!!!). Is it true that China holds these debts? Are they receiving all that interest rate also? Does that mean we have literally been sold out?
If so, we sold ourselves out. This debt is all our mortgages and whatnot.
Mormonism ceased being a compelling topic for me when I finally came to terms with its transformation from a personality cult into a combination of a real estate company, a SuperPac, and Westboro Baptist Church. - Kishkumen
The more I am learning about this the more of a debacle it seems. The dollars are much higher than I realized. I am leaning to wishing the feds would not "save the day" This is going to be a 20 year burden on the federal budget. Perhaps it would be better to let the free market punish the greed and bad business policy that led to this.
Yeah, this is a huge amount, and part of me wants to "stick it" to the fat cats who got us all into this crap. On the other hand, the financial system is sort of like the oil that lubricates the engine, and if you take that oil away, the engine seizes up. They're saying that if the financial system collapses, the entire economy will suffer, not just the fat cats. So I don't think we really have much of a choice here.
Mormonism ceased being a compelling topic for me when I finally came to terms with its transformation from a personality cult into a combination of a real estate company, a SuperPac, and Westboro Baptist Church. - Kishkumen