How gullible do they think we are? News yesterday that B of A is buying Countrywide, who made millions of subprime loans to people with poor credit, and Merrill-Lynch is facing a multi-billion dollar deficit, all on top of all the other lending institutions boo-hooing that they are facing huge losses because of the mortgage crisis and the whole economy is in a crisis. Which THEY created. I really cannot believe that several years ago, when banks started selling mortgage loans to secondary markets and then dramatically increased their profits by making millions of subprime loans to people they would never have loaned to before, that they did not know they were creating a future mortgage crisis. They knew it. They have people who plan these things and tell them the risks and how they can get out of it. And they continued to do it until it finally all fell apart like a house of cards. They knew this was coming, but they were making so much money they wanted to ride the train as far as it could go before it derailed. And now, of course, all these same banks and mortgage companies are crying in their beer, while they are probably losing just a fraction of the gains they made - "sniff...I'm losing $1 billion because of this darned mortgage crisis because people can't pay me back....but, chortle-chortle, I made $20 billion on the backs of those same suckers while I was riding the gravy train! All those newly-homeless people who can't pay me back? Gee, too bad, not my fault..."
And, now, guess what? WE, you and me, honest hard-working taxpayers, will be paying for the Countrywide mess when B of A buys it because they will get such a HUGE tax write-off that will will have to make up. Somehow. For years to come. And that's only one company - how many others will we pay for? It really is true that the rich just keep getting richer, and the middle-class and the poor just keep getting poorer. They plan it that way and we don't have any say.
aaaccchh.
