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IPFS News Link • Economy - Economics USA

Bank of America May Not Guarantee Countrywide's Debt

• Bloomberg.com
Bank of America Corp., the second- biggest U.S. bank, said it may not guarantee $38.1 billion of Countrywide Financial Corp.'s debt after taking over the mortgage lender, increasing the likelihood of a default.

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Comment by Powell Gammill
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Which of course means you and I are left holding the bag as taxpayers --- forced to bail wealthy irresponsible lenders out so they don't lose their McMansions and McYachts. The "free" market, ain't it wonderful? Free of care because when "capitalism" fails, socialism is there to force you to bail it out. Free from responsibility or market controls, but full of government regulations and controls.



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