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My private conversations with top business leaders encouraged me to trust my own eyes. So while many business journalists were cheering the government for our latest “rescue” from crisis, I was calling for the government’s supposed heroes to go to prison. As a guest on The View, I said that the politicians who authorized the bailout should go to jail. On the Today show, I accused AIG, the insurance company that received an $85 billion bailout, of blackmail. At first, most people in the media business thought I was straight crazy. They couldn’t believe that I was saying this stuff. Many of the companies I was calling out were the ones buying the commercials that paid for financial news programs like mine. So I left Fast Money, started The Dylan Ratigan Show, and I kept talking. Because what makes me so angry, even today, is that the underlying problems have not been solved. The banksters are still using their sway with politicians to commit mind-boggling theft. Ordinary Americans are still being fleeced. All that the supposed rescue did was to shift the cost of their reckless gambling from the wealthy and powerful who had created the problem to ordinary people on Main Street
Several exerpts from what appears to be a very informative and eye opening book.
I disagree with his painting of the blame as being solely on one-side of the fence, just like the politicians.
There was so much rampant speculation and hysteria from the same *common people* whom then walked from upside down homes.
We've had TONS of threads in the biz and personal finance forums from people doing just that. There used to be TV shows on how to flip homes and buy real estate for massive short-term profits. It's no different that all the people that got burned day-trading and speculating but instead are able to walk away from being upside down although they could keep making payments.
There is PLENTY of blame to go around, including on the "common man" but that's unpopular to do.
I disagree with his painting of the blame as being solely on one-side of the fence, just like the politicians.
There was so much rampant speculation and hysteria from the same *common people* whom then walked from upside down homes.
We've had TONS of threads in the biz and personal finance forums from people doing just that. There used to be TV shows on how to flip homes and buy real estate for massive short-term profits. It's no different that all the people that got burned day-trading and speculating but instead are able to walk away from being upside down although they could keep making payments.
There is PLENTY of blame to go around, including on the "common man" but that's unpopular to do.
It does not appear that you read the full article that contains many excerpts of the book (not just the one I posted). It is not just the banking industry that is being addressed. Interesting and revealing how the ones that the author is referring to are laughing all the way to the bank. The "common people" are the victims of blatant unadulterated greed. They are not the ones laughing and screwing the contry up the wazoo!
Quote:
Almost anywhere you look, if you just open your eyes, you will see ordinary, hardworking people struggling. Not far away, you’ll find a few greedy bastards making out like bandits. What defines greedy bastards? It’s not merely that they’re rich. I’m a capitalist; I am in favor of making lots and lots of money, as long as it comes from creating value for others. Americans have a long tradition of getting rich by making a great product or service that contributes to the growth of our country. But greedy bastards have given up on creating value for others and instead get their money by rigging the game so that they can steal from the rest of us.
Quote:
In my reporting, I found banking overrun with greedy bastards, but banking was just the beginning. As I followed the money trail— the flow of capital through the body politic—I found multitrillion-dollar theft, perpetrated every day not just by banksters but also by greedy bastards in international trade, energy, health care, education, and by the politicians they buy. As I explain in chapters 3 through 6, we are borrowing from future generations to help send our jobs and our most productive industries to China. We have the least efficient energy industry in the developed world, wasting more than two-thirds of all the fuel we use. We have the least efficient health care industry in the world, paying up to seven times what some other countries pay for the same level of care. We spend more than almost anyone else on education, but our results are heartbreaking.
Do a search on this forum on "walking away from mortgage"...or use google.
Reasonable estimates have well over 1/2 the foreclosures being due to the house being "underwater".
The thing that gets me is the house didnt change. They liked the house, they thought it was worth what they paid. All that changed was someone told em it is now worth less money then they paid. Keep working , keep paying the mortgage, enjoy the house. Ride it out.
The thing that gets me is the house didnt change. They liked the house, they thought it was worth what they paid. All that changed was someone told em it is now worth less money then they paid. Keep working , keep paying the mortgage, enjoy the house. Ride it out.
That has the same effect of losing a pension or retirement accounts.
I am not saying Americans are not stupid for treating housing as an investment, but the economic sophistication being so abysmal as it is, they thought they were investing and saving. They can enjoy it all they like, but can't sell it off later for retirement.
The thing that gets me is the house didnt change. They liked the house, they thought it was worth what they paid. All that changed was someone told em it is now worth less money then they paid. Keep working , keep paying the mortgage, enjoy the house. Ride it out.
Many were making a pile of money flipping houses. I knew a lady who was left holding six mortgages after the sheet hit the fan. Rolling around in a Escalade living it up flipping homes making a pile of money. Now she's bankrupt and living with her mother.
I'm like you. I like my house and it's underwater. Does that mean I can run around screaming it's not fair. Why? I signed the papers. I took the risk knowing it's an investment too along with a home. Did uncle sam bail me out when I dumped my stocks at a loss? Nope. Why do folks think they deserve something because their home investment went down? I just don't get it.
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'How We Can Stop Corporate Communists, Banksters And Other Vampires From Sucking America Dry'
