the bailout for the middle class is smoke and mirrors. Loan mods are mostly a few years of lowered rates. Very few refi's are being done. Call the lenders, most of them don't even have an obama program in place yet. Unless it was an fha loan - not much of a break is being given to most upside down borrower. This whole workout is desgined to bailout the banks. A real middle class workout would force the banks to release the borrower from the deficiency and we could get the weak hands out of houses they can't afford. Instead we are seeing policies which will create years of housing price instablility. It is difficult to get the lenders to release the deficiency when they have a right to collect it. This is all bank bailout. And the the intent is to create so much inflation - wages rise and make the assets less toxic. Inflation is a tax. So the whole country is getting screwed to save the lenders.
Great rant, although dumb investors were not the sole, or perhaps even primary, reason for the inflation of two bubbles. Save some vitriol for the central banks of the world, who have systematically cheated savers out of any sort of honest yield on their savings for two decades. This distortion in the value of money drove the malinvestment (bubbles) as middle class savers were forced to chase yield and take silly risks in order to realize a positive real return. Massive failure of the monetary system. The problem is that most people don't understand this simple fact, and as a result, they whine for government bailouts and safety nets. But I agree that nobody has the right to extract wealth from innocent bystanders simply because they were financial losers- even if it was the government mandated monetary system that encouraged the stupidity.
A low-tax area in Europe. Btw I am not a US subject so the tax will stop as soon as I relocate and set up an offshore corp.
I agree there are lots of targets but it is the hypocrisy that is unique to the middle class - they actually think they are poor unfortunate victims who did nothing wrong.
Cutten can say and do whatever he wants. He can yell and scream and act like he's a concerned "American" citizen but I really couldn't care less about his rants. http://scienceview.berkeley.edu/view/ I'll never move from this view and the weather here.
In the sixties they called the Boomers the "me" generation and blamed it on Dr. Spock.. they [we] sure wreaked some havoc...
uhhhhh, Americans are citizens....not subjects... I wouldn't expect a mercenary mentality to understand the difference...