"Rick Santelli more or less told me everything that I needed to know when he said that he thought that a bunch of traders on the floor of the Chicago Mercantile Exchange were a "good representation of America". My favorite part was how one of them screamed "moral hazard" "moral hazard" when Santelli talked about how the money would go to bailing out people who bought more house than they could afford. Now I'm an economics major and I know full well what a moral hazard is and why it is a problem. But because I don't have my head completely up my ass like these people, I also know that it's a lame excuse not to act. GOD FORBID a dime of their hard earned dollars goes to a person who bought more house than they could afford. Just because we shouldn't reward bad behavior we definitely need to simultaneously punish those who lost their jobs, saw the value of their house decline below the value of their mortgage, fell into debt because of medical bills. Furthermore it's definitely great for the economy when banks are sitting on a bunch of foreclosed homes that they can't sell because nobody can afford to buy them. These people just absolutely have no perspective. A few undeserving people getting a government handout or government bailout is a problem but a minor one compared to the other garbage we waste taxpayer money on. The Iraq War has been a costlier to the taxpayers thus far than this entire stimulus bill and unlike the stimulus bill, the war was based on the fraud. Yet this clown Santelli voted for 100 more years McCain so that we could spend trillions and trillions more on an investment that will yield zero return. Rewarding the neocons with more taxpayer money to keep fighting wars based on a fraud is an exponentially more costly moral hazard than helping people stay in their houses. But again these people have their heads so far up their asses that they don't get that." http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8214075
Apparently you went through economics class with your head up your ass. If all these MORONS who bit off more than they could chew to keep up with the Jonses would have stuck to a lifestyle they could afford we wouldn't be in this mess now. But then again, you might be one of the dumb ass morons who lost his job and sits home whining he cant make money sucking off the government tit! There are plenty of legal ways of making money if your not one of the millions of lazy ass people in this country. Go cry to your economics teacher if you really ever had one...so many people with no common sense it's pathetic!.
Walter4 is a stupid fucking idiot. What college are you going to? Please do tell and be proud to represent your school..
NO YOUR THE MORON... why not let houses deflate make them affordable agian. if housing becomes affordable again your wife will be able to stay home and raise your children, also cook for you and many more things. oh you will also be able to take vacations and not be stressed out about how you will pay for things. its impossible for home to keep their values when there is so much supply and interest can not go any lower YES YOU ARE A MORON
Wake up idiots !!!!!! Doesn't matter democrats or republicans , it's still you THE MAN that get's fucked. 1. The laws are created for the rich , not for the poor. 2. Your opinion means nothing , big O. 3. America lost it's edge , because of Bushy. 4. The world needs a war , big one. 5. buy FOOD , GOLD AND FIREARMS!!!!!!!!!!!!
You cannot be serious. Home prices have never represented reality. Not in your lifetime, anyway. First, Hoover came up with the FHLB. Then, FDR backed that up with Fannie Mae. Between them, they built the Levittowns that returning GIs bought after WWII with the loans they subsidized. On top of that, these new "homeowners" got to deduct their mortgage interest. And of course they at most put 20% down for their houses. So, if back then, house prices had fallen by that amount, as they have today, they would have been just as underwater as any present borrower who got into the real estate bubble too late. That 5:1 leverage was made possible by the FHLB and Fannie Mae, later joined by Freddie Mac. Now, if "homeowners" were paying lower taxes, who was paying higher taxes? Renters. Who were the renters? Folks who couldn't afford houses, of course. So the sainted middle class, you know, Santelli's folks, have been mooching for sixty years off the folks too poor to afford a house. That farce continued right down to the present day. Now, finally, after these sixty years of blowing real estate prices higher and higher until now they've finally blown up, you morons go on a rant about a program - Obama's mortgage plan - that engages in a mere fraction of the moral hazard that has been accumulated in the past sixty years of subsidizing "homeownership". And you think you're so kewl. Idiots.
I'm not sure what to say. You either lied about being an econ student or you aren't doing well in school. I honestly am an economics major, are you sure your not a poly sci? Your rant is more in line with one of those idiots.
Oh shut the fuck up. Laws are created for the rich, what else is new. You're a fucking loser if you think you said anything which already hasn't been said in the past 3000 years. This is not new news. You're the one who needs to wake up!
First of all - two wrongs don't make a right...just because BOTH the Dems and Pubs supported the bullshit Iraq war, doesn't mean that it's OK for the Dems to fuck their constituents over on a fraudulent 'stimulus' bill...It's a pathetic 8 year old's mentality that equates that someone who is against the 'stimulus' is FOR the Iraq war. Secondly - My guess is that you have never been to a trading floor in your life. The cross section of folks there are quite vast. There are some wealthy folks, but for the most part, it's just a bunch of grinders providing liquidity to the market. If a trader on the floor blows up, he KNOWS that NO ONE is going to give him a welfare check. Why? Because he's a capitalist and he makes this country run. Thirdly - Go kill yourself you fuckin bleedin heart socialist non-economics understanding dipshit.