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Please don't even PRETEND that you have the data to support such an invective.
1. Okay, then. What percentage of mortgages are in default or near-default? My estimate is 8%. What's yours?
2. Virtually no one who is playing by the rules is going to benefit from the mortgage bailout as currently configured. Do you seriously want to defend such a strategy on the part of the feds?
Was Mr. Santelli as angry over the enormous tax cuts given to the rich over the past 25 years? Talk about a "bailout."
The ONLY reason that there is a growing anxiety about the stimulus bill, and the accompanying anxiety about Obama (among the ignorant only), is because of the right-wing hate machine ramping up its toxic fumes over the airwaves. It started with the McCain/Palin nightmare, and now that their side has lost, they are on a fu*king rampage--determined to divide this nation and turn as many citizens as possible against its President. They are the most disgusting group of *******s I've ever seen.
Wait till you begin to comprehend the extent to which your taxes (and those of your children) and the value of your assets will be diverted to pay for the various scams and mortgage bailouts of flippers and mouth-breathers.
When you do, whatever "wing" you identify with will make the "right-wing hate machine" look like a Model T.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,756,161 times
Reputation: 3587
Quote:
Originally Posted by domergurl
Have you ever met any of those CBOE or CBT traders? A buddy of mine had a nice coke running business on the floor in the 80's ...
Yea, blame it alllllllllllllllllllllllllllllllllllllllllllllllll lllllllll on the loser homeowners ... nooooooooooooooooooooooooooooo, the banks have absolutely noooooooooooooooooooooooooooooooooooooooooooooooth ing to do with this crapola.
The banks had EVERYTHING to do with this crap with their "smoke and mirror" mortgages but I do not think the banks would have been so stupid without the help of Fannie and Freddie. After all, I will write bad paper too if I can sell it to you and you are stupid enough to buy it!
But the best way is NOT to hand out Federal tax money to homeowners. What I would do instead is change the bankruptcy laws to allow them to file bankruptcy and allow the court to change the terms of the mortgage loan if the homeowner wishes to try and save the home.
The banks had EVERYTHING to do with this crap with their "smoke and mirror" mortgages but I do not think the banks would have been so stupid without the help of Fannie and Freddie. After all, I will write bad paper too if I can sell it to you and you are stupid enough to buy it!
But the best way is NOT to hand out Federal tax money to homeowners. What I would do instead is change the bankruptcy laws to allow them to file bankruptcy and allow the court to change the terms of the mortgage loan if the homeowner wishes to try and save the home.
And who was in bed with Fannie and Freddie (in some cases literally)....... You're getting closer! Keep digging
I actually do not like the bailout plan. I did not like the last bailout of the big banks either. The housing market was over inflated and it came back to a realistic value of demand and supply and it will find its own natural values without the government constantly trying to manipulate the demand with bailouts and artificially low interest rates and bad loans (or the supply with overzealous zoning regulations). When I was a kid in the 1960's, working folks had no trouble getting a house with 10% down and the government was not in the housing business then.
But I think Santelli is less than honest about why he is doing what he is doing. After all, he is probably a millionaire several times over. He carries no credibility with regular working people.
I agree with you on most of this.
I do think you should resist the urge to turn this into a class conflict.. Just because someone was successful in business or stocks does not mean they don't care about the economy as a whole or that they made that money dishonestly..
Actually, there is an argument that those who have been enriched by and are invested in 'Big Business', the stock market and our overall economy have the most interest in maintaining a growing economy and happy wealthy population of consumers...
Don't discredit someone just because they are successful.. That used to be a respected attribute in our society as well as a goal for us all.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,756,161 times
Reputation: 3587
Quote:
Originally Posted by Undeader
And who was in bed with Fannie and Freddie (in some cases literally)....... You're getting closer! Keep digging
I have not excused the Democrats for their share of this mess. Barney Franklin and Billy Clinton were certainly in on it. But the Republicans and Bush did not exactly want to turn out the lights for 6 years that they controlled Congress and the White House either.
I have not excused the Democrats for their share of this mess. Barney Franklin and Billy Clinton were certainly in on it. But the Republicans and Bush did not exactly want to turn out the lights for 6 years that they controlled Congress and the White House either.
I agree 100%...
p.s. - You seem like a pretty intellectually honest person.. Did you watch the video I posted? Will you admit that you were wrong about Santelli and that he was just as angry about the Wall Street bailout?
It seems like Rick Santelli has discovered the ability missing with many economists, entertainment. Regrettably most economists when they speak have a tendency to bore to tears in large doses.
The reason that the cries are getting louder is because more and more people are losing their jobs. They have time to think about why we're in this mess, instead of trying to put food on the table and keep a roof over their head.
The government better hope that more middle class jobs aren't lost, making the "masses" larger and angier.
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Booking my flight, and packing my tea
