CNN:In fact, Bernanke said the current problems can be traced back to rising mortgage foreclosure rates and falling home prices, which have cut into the value of mortgage-backed securities and forced banks to take charges that dig into the capital they use to make loans....so I don't get why they don't focus on the people? Bail us out. Give us the money. Erase student loan debt, rework mortgages, lower credit rates, then we will feed the economy. Let the big companies fail. Seems to me this is a power grab, an effort to keep Wall Streeters in power, the people who lost their minds with easy money.
"I realize it's a very complicated story," Bernanke said. "Banks are holding all these complex hard to price securities. This approach is one way to address the problem."
On the other hand, I wonder if it's not the poor and middle class who will be hurt worst if this isn't hurried along. We need to know who would be affected and how they would be affected. No one has clearly answered that. Apparently, the U.S. failure could trigger a world recession. Way to go Bush! Why didn't anyone in the Bush Administration see this coming? I guess I ask that rhetorically.
