Quote:
Originally Posted by Griff
Choice #1 - lawmakers decide how the money borrowed/stolen from our future will be spent.
Choice #2 - clutch of bankers decide how the money borrowed/stolen from our future will be spent.
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There is a one glaring difference.
Under option 2, we are only at risk if we, individually, decide to put money at risk. Nobody is coming into your FDIC insured savings account and taking away money because the market is down, are they? Nobody is showing up on your doorstep and saying, "Sorry, because of the troubled credit market, we need you to pay 20% more for your mortgage" unless you agreed to let them. Prudence and foresight were sufficient to avoid any direct fallout from this mess.
Option 1 affects everyone, all of us, regardless of our individual responsibility. It obligates the prudent and the fool alike to repay money that only some put at risk.