A Place to Gather and Talk
Very that claimed the problem was that bankers good! Just after the bank/housing scandal broke I read an editorial that claimed the problem had been caused by too many bankers acting like George Baily (you know, too many kind hearted bankers giving Mr. Martini types mortgages) When of course it was really the Mr. Potter’s of the world finding ways to hedge their bets.
Joyce, that’s the best laugh I’ve had all day! Kind-hearted bankers acting like George Bailey to help poor people find homes! It’s like Hitler caring so much for the Jews that he put them in camps so they wouldn’t be attacked by angry Germans.
Someone I know who used to be in the home loan business said he was pressured by the banks to put people into homes they couldn’t afford by any means necessary. When he voiced his concerns regarding credit history, income, etc, he was told not to worry, the loans were being bundled and sold off, so no one would lose money on the deal. Well, he did — he was put out of business, and many of the people he helped get mortgages were put out of their homes. He finally realized everyone in the mortgage ‘food chain’ was screwed except those at the very top — and they were bailed out by his taxes! Is he bitter? You might say more than a little.
For a good article on this massive criminal swindle by the banksters and Wall Street, read Matt Taibbi’s “Mortgage Bubble Blamed, Ludicrously, on the Government” at Rolling Stone. Here’s an excerpt:
“The reason there was a sudden rush to lend out homes to subprime borrowers was not because of Fannie and Freddie, but because the banks had discovered fancy new derivative tools like CDOs and CMOs that allowed them to chop up bundles of home loans and turn them into AAA-rated securities. Countrywide was not trolling the streets looking for jobless indigents to lend mansions to (this literally happened, by the way) because the government was forcing them to. It was because big banks like Goldman and JP Morgan Chase and Bank of America were letting them know that they had a virtually limitless market for mortgage-backed securities, thanks to the new derivative tools that allowed them to sell billions of subprime MBS as AAA-rated investments to suckers like German land-banks and Icelandic trade unions and the like.”
Ah if only some of the folks I know would believe it if they heard it. Unfortunately their ears (and minds) are blocked with Glenn Beck Bunk.
[on another note I wonder what the heck I was trying to say in that 1st sentence???? Typing while babysitting leads to gobbeldy gook]
To paraphrase; ‘There are none so deaf as those who will not listen.’ It’s sad that the people who most need to hear the truth about Beck and Co. are the ones most resistant to listening to anything that contradicts Beck’s blarney. Well, if they buy his gold coins and try to sell them at a profit in a few years, they’re going to find out he’s been lying to them — but, sometimes, even that’s not enough.
well i had to leave a comment to say merry xmas!! happy holidays all