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Suncoast Pasco News
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We're Being Ludicrous
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Published: March 28, 2009
Editor:
Bailing out the banks is ludicrous. Banks are no different from any other company that is in business to make a profit. Taxpayers should not be saddled with the systemic problems of the banking industry, which were created by the industry itself.
What the government is calling "toxic" assets is nothing more than the stupidity of the banks that made loans to people who could not afford them. The same problem exists in the housing industry. Freeing up more money for people to borrow is only tempting them to go further over their heads in debt. If you can't afford it, don't buy it.
Banks and mortgage companies need to solve their own problems. If they don't know how to run a business they don't deserve to be in one. Let the banks buy back their own loans for 20 cents or 30 cents on the dollar.
John Tischner
Dunedin
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