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Apparently Wall Street likes the idea that our government is bailing out Fannie Mae and Freddie Mac. When we sigh that in this society, profits are privatized and losses are socialized, maybe we should think this way: We are already paying high medical insurance premium because a few "shouldn't-be-practicing" practitioners' malpractice. But as a society we are better off paying the insurance than having no one to clean up the mess. IndyMac's failure and others in this quarter reduced the federal deposit insurance fund from $53 billion to $45 billion. This is again socializing losses of individual banks. But since Wall Street embraces this "socialism" whole-heartedly, why should we be questioning? I will NEVER be able to (even if I want to) conduct any financially irresponsible activity, I'm just too law-abiding and conservative. But I can't help but think: why didn't I just go ahead to buy that dream house and if I can't afford it later, let someone bail me out!
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