Wall Street firms at center of bailout are big donors, I’d rather have payday loans

Some state regulators, recognizing early signs of trouble in housing markets, sought help from Congress when the Bush administration adopted rules barring states from enforcing tough laws targeting predatory lending – the practices that were enabling unqualified applicants to obtain subprime mortgages. With Wall Street serving a key role in buying, bundling and reselling subprime mortgages, …

Quoted With Edits From: Wall Street firms at center of bailout are big political donors (Lexington Herald-Leader)

Did You Know?

Did you know? Many of the top Wall Street financiers and firms who are largely responsible for prompting the $700 billion dollar federal bailout just happen to be the elections biggest contributors.

$64 million dollars have been donated by eight of the most troubled firms. Does this sound oddly suspicious?

I am not very politically savvy however, many of the problems with the mortgage crisis and other economical factors that we are facing today were foretold from as far back as 2001. This was when many of these sub prime mortgage loans and false securities that have brought the current economy to its knees and in need of payday loans, were sold.

Political Football Anyone?

Political Football Anyone?I would rather have payday loans.

Now, whether you believe in political conspiracies or not, it’s not a secret that they happen. We see this all the time with big powerful corporations who bribe candidates with campaign gifts for a return of favor when in power. The tobacco and oil industries are just a couple of these power swaying giants.

I find it remarkable that out of the eight following donors six have failed to succeed. Read the names:

The donors include investment bankers Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley, insurer American International Group and mortgage giants Fannie Mae and Freddie Mac. Since March, with the exception of Goldman Sachs and Morgan Stanley, all of these companies have been bailed out by the government, have been sold at deeply discounted prices or have simply failed.

The trouble that these donors were facing were likely evident for some time before they made the donations that they did. If times were so tough and or troubled why would the funds have been given. Maybe, some political favors were purchased. Is this how the federal bailout came to fruition?

Regardless of what has happened already, and the shady circumstances which have left the American taxpayer holding a $700 billion dollar bill, we still have far yet to go. Perhaps the new president of the United States will be busy for the first part of his presidency fulfilling the favors purchased by the contributions of these large enterprises.

Time will tell the tale as they say. Maybe not today, maybe not tomorrow, and someday perhaps the books will be opened and the America people will get an explanation or at the very least a receipt. Until then we will just have to wait it out.

If you are in need of your own personal bailout, you can apply for payday loans.