Monday, October 27, 2008

Why are we paying Wall Street's Gambling Debts?

If you missed 60 minutes and their explanation of Credit Default Swaps and what they have done to our economy, you missed something vital to your financial interests.

Crooks and Liars has a piece on it today.

We should all be letting our congressmen and women know that we are not willing to pay these debts. The entire sum owed on the bogus CDS mess should not be payed.

People knew they were gambling. In addition they were betting on the failure of other financial entities. We outlawed the practice 100 years ago and then let it creep back in during Clinton's administration. It went crazy under Bush.

The banks and investment houses that we deem necessary to save had better use the money to help people with mortgages and foreclosures; that after all is the underlying problem with our economy. As to paying off hedge fund gambling debts; NO WAY!!!!!!!

The Daily Husband


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