|
NAVIGATION
|
NEWS TIPS!
RightMichigan.com
Who are the NERD fund donors Mr Snyder?Tweets about "#RightMi, -YoungLibertyMI, -dennislennox,"
 |
To Laugh or Not To Laugh...By JGillman, Section News
The idea that another bank could be set up to operate somewhat like the Fannie-Freddie banks that were responsible for the biggest crash in our economy since the depression is a real hoot. Its especially funny when you have a gubernatorial candidate in Michigan suggesting Michigan taxpayers can foot the bill.
Virg Bernero says "it would be a lending "backstop" and be used to help ease the current credit crunch. " Suggesting bonds and state funds be used to create the bank.
As one of our esteemed writers posited two days ago: "What Virg seems to be unable to fathom is that the credit crunch is the result of stupid government busybodies like himself not only enacting regulations that enticed lenders to play Texas Hold 'em with depositor's money, but also pronounced the gamblers too vital to the American economy to fail. Their wise intrusions into what should be a private enterprise have tightened the credit markets so thoroughly that even the Chinese are starting to tire of our panhandling." A gamble. ..and at a table where ALL the players are supposed to win...
A silly thing indeed, as was the forced lending and buying of junk mortgages through the Fannie and Freddie process. How many homes in Detroit that have recently sold for a dollar, were funded originally through that federal manipulation and guarantee scheme. The one that said people who could not otherwise afford homes "have a right" to own them? Funny.. yeah
Republican governor hopefuls undoubtedly got a chuckle and even Cox sent out a press release that said:
The proposed bank could cost hundreds of millions of dollars and leave taxpayers on the hook for bad investments and financial losses at a time when state government should shrink not grow. " OK maybe he wasn't laughing.. The idea however is laughable, the sheer disconnect or possibly stupidity of anyone who can look at the series of events we have just gone through, and insist more of it is needed should giggle up even the most stoic of us. But not for the glowing humor it presents, but rather as a nervous reaction. Of course watching a drunk stumble about, will make for a jolly good time until he flops into moving traffic. And suddenly there seems to be consequence. The Perma Drunk Democrats in Michigan have seen fit to actually back this with their version of his insanity:
"Senate Democrats issued their own press release Tuesday, suggesting that Michigan sell voter-approved bonds to set up a state-owned Michigan Development Bank. With an initial capitalization of $150 million, they estimate the bank could lend up to $1 billion to small businesses, students and farmers and offer low-interest credit cards to consumers." Stumbling about..
Maybe they'll just get hit by their own clown car.
Share This:
To Laugh or Not To Laugh... | 2 comments (2 topical, 0 hidden)
To Laugh or Not To Laugh... | 2 comments (2 topical, 0 hidden)
|
 |
