Congress feels its time for taxpayers to bail out billionaires again. This time it's wealthy mall owners who borrowed too much and have been bribing con-gress to save them.
Posted by freedomforall 1 month, 3 weeks ago to Government
"While any struggling commercial borrower that was previously in good financial standing would be eligible to apply for funds to cover mortgage payments, the facility is designed specifically for CMBS borrowers.
It gets better, because not only are taxpayers ultimately on the hook via the various Fed-Treasury JVs that will fund these programs, but the new money will by default be junior to existing insolvent debt.
which means that if there is another economic downturn, the taxpayer funds get wiped out first while the pre-existing debt - the debt which was unreapayble to begin with - will remain on the books! So then the taxpayers can bail them out AGAIN because the corrupt con-gress made this idiotic deal.
The entire con-gress should be placed in prison for life for this treasonous rubbish.
LET ALL THESE INCOMPETENT BUSINESSES FAIL!
LET THE PRICE OF COMMERCIAL PROPERTY FALL TO THE REAL MARKET PRICE.
It gets better, because not only are taxpayers ultimately on the hook via the various Fed-Treasury JVs that will fund these programs, but the new money will by default be junior to existing insolvent debt.
which means that if there is another economic downturn, the taxpayer funds get wiped out first while the pre-existing debt - the debt which was unreapayble to begin with - will remain on the books! So then the taxpayers can bail them out AGAIN because the corrupt con-gress made this idiotic deal.
The entire con-gress should be placed in prison for life for this treasonous rubbish.
LET ALL THESE INCOMPETENT BUSINESSES FAIL!
LET THE PRICE OF COMMERCIAL PROPERTY FALL TO THE REAL MARKET PRICE.
It's time for TAR and FEATHERS and a trip to Guantanamo for the con-gress.
The socialist approach is to give money to the ex-employees. Better? But-
What should a halfway Objectivist do , nothing?
Take another hard look at laws and regulations hindering new businesses starting up, and causing established business to fail...
FFA's solution is right, actually the kindest, fairest, most ethical, policy for everyone including the economy.
Yahoo has suppressed that article so here's another one:
https://www.bloomberg.com/news/articl...
This scumbag Barrack should be left to collapse.
https://www.galtsgulchonline.com/post...