Friday, September 2, 2011

Is It Good News If For Bad Reason?




Welcome to a hot September with a very cool headline:


U.S. to sue big banks over mortgage securities


It seems Freddie and Fannie blame part of their problems on those sub-prime mortgage pool securities various big banks sold them just before it all went crash.  Imagine that.  And so you know, the suit is for their losses, not ours.  Oh, and I got this off the British media outlet Reuters online.


I find this good news, anyway, simply because those perpetrators of that mortgage scam that hurt so many have so far not been punished.  In fact, most took our bailouts and proceeded to make huge profits instead - getting rewarded for for their crimes.  This small bit of payback warms my vengeful heart.  Except. . .


The suits are for a pittance, around $900 million.  The bail-out fund handed out over $700 Billion, and there is no knowable value on the damage these banks and our government caused US citizens.  I imagine pursuing the suits will cost millions more of taxpayer dollars.  Why bother?


One year from now the 2012 elections will be at full steam.  Am I being too skeptical if I think that's about when those suits will be very publically settled?


Is it still good news if it's news for a bad reason?

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