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Suncoast Pasco News
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Published: April 15, 2009
Editor:
Many of your readers oppose the bank bailout, and one letter writer suggested the "banks buy back their own loans for 20 or 30 cents on the dollar" to teach them a lesson. That's the point: The banks don't have the 20 or 30 cents to buy back their "toxic" assets.
These people obviously are unaware that banks have invested all of their depositors' annuities, pension funds and cash savings, along with any other investments they may have, and loaned the money out to the people who are losing their homes and businesses.
Wake up. Not only have U.S. bankers blown away all our savings, they did it to anyone else in the rest of the world who bought their investments that turned toxic.
Richard W. Sitnik
Hudson
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