>From budget surplus to this.
>
>
http://news.yahoo.com/s/ap/20080920/ap_on_bi_ge/financial_meltdown;_ylt=AruohAemBFQQDzN8TfuIC2as0NUEWhat I don't understand is how did this sort of reverse socialism get sold to the masses. I mean, the people who couldn't pay will still lose their houses (which won't be homes, as they'll be empty and some of them just torn down). The banks who still own these houses - i.e. there are substantial assets to back this - are now somehow in dire need of money, and need to be bailed out at everyone's expense? Well, not everyone's, most of the large corporations manage to evade lots of taxes.
So those who were irresponsible with their money (the owners of mortgage homes) lose everything, but those who were irresponsible with money of others (banks, loan sellers et al) get to be bailed out at the expense of others. Hmmm.
