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« Becker and Posner on the Suprime Mortgage Meltdown | Main | Paper on the Effect of State and Local Anti-Predatory Lending Laws »

Tuesday, February 05, 2008

Comments

Doe

The republican* in me wants the govt to stay out of this and make the industry lie in the bed it made. Any bailout is really going to help the industry keep the party going, it's not really for consumers, many of whom have already suffered damage. (*Republican, meaning actual real republican that wants less big govt in our lives, more personal responsibility, etc, not the fake corporate republican who just wants govt out of our lives when they're doing something wrong, but wants the govt to bail it out when they get caught.)

The more liberal side of me wants to help those who were truly defrauded. I just don't know how in the world anyone, let alone the inept government, would ever sort out the victims from the fools from the crooks. At least, not in time to help the real victims and lock up the crooks.

In my personal opinion, those in the industry who wanted govt out of it, (wanted to "let the markets work" when various consumer groups and so-called liberals were calling for law enforcement to act on mortgage fraud), should go under. That's letting the market work. They do not deserve a bailout at the expense of tax payers, but should live with the consequences of their own greed, hypocrisy, and in some cases corruption and crime.

Also in my personal opinion, buyers who were complicit in fraud or chose to ignore common sense should likewise have to bear the consequences. ONLY those who were actually ripped off should be deserving of any help. I believe that that number is few enough that the country can afford to help them, but like I said, I doubt the govt could sort it out in any sort of competent, expedient manner.

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