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Are you just picking up on this? I have been tweeting about this for days. This line of attack started month’s ago in The Economist. I saw it again recently in Jim Cramer’s and (I think) Neil Cavuto’s rants. I’ll bet these schmucks will use it to justify redlining. The interesting counterargument to this was in an NPR report a few months ago. Because of low interest rates set by Alan Greenspan here, global capital was looking for a more favorable rate of return on investments. These RMBS’s popped up just at the right moment, and folks went HOG WILD.
Actually I picked up on it about a week ago.
I can’t wait to see what j”poorpeoplesuck”mccann says about this.
1) Blame the idiots running the companies that gave out so many high-risk mortgages, and then those that bought them.
2) Blame the idiots that took them when they couldn’t afford them.
People, and businesses, need to learn to live within their means.
This whole thing is stupid and unnecessary, and it looks as if both parties were in the back pocket of some of the companies that went belly up.
That’s what I say about this. It was a group effort in stupidity between wall street and main st, and now the people that actually can pay their bills are gonna have to eat this one too, while businesses that made poor decisions and people that should have never had mortgages in the first place will get a handout.
Beautiful, just beautiful.
I guess this means those shiftless minority borrowers had a very high rate of foreclosure that overwhelmed the whole system. Perhaps 35-40% of the foreclosures would be their fault, right? And of course the monetary value of these bad mortgages for minorities would be an even greater part of the problem. I’m sure the wingnut trolls would have all the numbers to substantiate this fact.
Do you any of you fools understand that yes, in fact, the homeowners that are going through forclosure do bear quite a bit of responsibility in this mess too? No one puts a gun to anyone’s head and says “your takin this risky loan, or else!”
Just as with any other loan, if you have shitty credit, you get a high interest rate. Or are we supposed to just hand out mortgages to any moron that breathes, whether they can afford it or not, and when they go into forclosure, hell, just have the taxpayers pay for it.
You people can’t possibly be that stupid.
Oh, wait. Yes you can. You’re a bunch of socialists.
I’m probably the only socialist who posts here semi-regularly. Learn what that word means before using it, please.
Learn what this means…
Fuck you, socialist.
Wow, mccann, you never disappoint. Your laser logic and soaring rhetorical powers can all be summed up in your reply to Nimrod:
“Fuck you, socialist.”
When you climb squinting out of your Mom’s basement and say that to a man’s face, I’ll have some respect for you. That’s when you will learn that “fuck you” are the last two words spoken before an asskicking commences.