re: “How many of you people want to pay for your neighbor’s mortgage that has an extra bathroom and can’t pay their bills?” Yeah, well I'll defend Santelli on this one. Why should society pay for people who are living large beyond their means ? Let's bail them out so they can do it again....r-i-g-h-t ! And then they'll tell their neighbors who will also do the same. Heck, there's even evidence of traders on this forum living large in huge houses....and losing big money in the EMini market. F-Them. Sell the house, and move into a small apartment until you learn how to trade. Why do so many Americans feel they are so privileged ?
But that isn't what was happening. What actually happened was the governemtn arranged for the bank owned by Mnuchin, out current Treasury Secretary, to be able to take over many distressed properties and pennies on the dollar without compensating the homeonwers for even the little equity they may have had in their homes. Santelli is a moron.
What you described is even worse...instead of paying your neighbors mortgage you are paying your bankers.
I'm not saying I agree with the Bush/Obama bailout measures. I'm just saying Santelli and the whole f'n Tea Party Movement were sock puppets for the corporatists without knowing it. They are morons.
Guy on right absolutely schooled guy on left. Guy on left had nothing, just an "I'm smarter than you" approach and is a dumbass dipshit. Pardon my French.
My right or your right? Anybody saying the people are smart enough is part of the people and just isn't that smart. People are generally speaking pretty stupid as a whole. That is why we are repeating history from the 1920s...
Going into the financial meltdown I had been asking people who was building and buying all the McMansions in our neck of the woods. We just don't have enough doctors, lawyers etc. to support all these high price houses and subdivisions. I was also watching houses in our neighborhood go for way more than I would ever consider paying, and not by a little, but 10,000 and more past a reasonable value. Not to mention quite a few of these people had a BMW, Audi, and or a Mercedes in the driveway. We don't live in one of the wealthy suburbs. Bought the house in '93 while the wife was finishing a Masters and one kid all ready here. As we found out almost all of these people couldn't afford them yet I guess they felt they deserved the best at any cost and could get a mortgage with no income to support the payments. We had a firesale on abandoned housing in our area. People packed up and disappeared. I called a broker about one house thinking of making it a rental property, and the guy said don't bother. The previous turds took the furnance, toilets, sinks, and the fireplace. No idea how you take a fireplace. He said most of the houses were a wreck inside and were being sold at auction to fly by night fixer uppers who then flipped them after, in a lot of cases doing a half assed job. I was brought up where you lived within your means and worked harder if you wanted something extra, it wasn't owed to me because the people next door had one.
The solution is pretty easy (easy != comfortable) - let the free market handle things. If that means letting borrowers or companies crash and burn then so be it - every time the government gets involved we're all worse off.