Surprise surprise.

Yeah, those last 2 tax rebate checks did a whole heap of good and that was a direct injection into the group that’s supposed to be trickled down into.

The sad truth here is that greedy lenders and investors gave money to greedy (and yes, naive, but you can’t tell me there were NO warning bells when you listen to the terms of some of these loads, er… loans) borrowers and now people are losing their homes and jobs but somehow the golden parachutes are still opening, bonuses are being paid and expense accounts are flowing.

People suck.  They cannot self-regulate, especially where money is involved.  (There’s a reason Gambler’s Anonymous exists.) They cannot be trusted without competent oversight (and even then they’re suspect).  They will do everything in their power to bend or ignore the rules for their benefit and if they think they can get away with it, they will try.

But who do you punish?  It’s easy to point at a guy like Madoff who’s the principal in the largest Ponzi scheme ever (soon to be renamed a “Madoff scheme” I’m sure), but there’s really no one place to place blame in the mortgage fuck up.  Everyone’s screwed.  And if you help the people who took advantage of the system, then you’re screwing people like me who bought their homes with good credit and put 20% or more down on their 30-year fixed mortgages.

Financially responsible and not sure why,
Dix

Yes, there IS a place to blame the mortgage fuckup, and it’s squarely on the shoulders of Frainklin Raines, Barney Frank, Jamie Gorelick, Nancy Pelosi. All people who could have regulated this, were TOLD they needed to regulate it, and fired back with “Fannie May and Freddie Nac have NO TROUBLES” Blaming subprime doesn’t do justice to the criminals who caused this mess, LOTS of banks gave out subprime loans, but banks like Citibank and private mortgage brokers were SUED because they wouldn’t write loans for people who couldn’t repay them. Damn, who would sue Citibank for not writing bad loans? Oh, yeah, the President Elect, Brak Obama. Whose closest advisors include- wait for it- Franklin Raines, Barney Frank, Jamie Gorelick, and Nancy pelosi.

I am gonna be mad at myself for saying this, but DAMN, I wish hillary had won the nomination.

BTW, “Trickle down” economics (also called Reaganomics) DOES work, DID work, during the reagan administration, because it wasn’t “trickled down” through machine connected people who took the lions share for themselves.

No question- the banks and the mortgage brokers caused this mess, USING TOOLS GIVEN TO THEM BY MORONS

The morons now in charge of “fixing” it.