The wealthy conservative "elites" class war on the middle class has never been more nakedly exposed to the public than now. Bailing out bankers who created the sub prime market crisis that reverberated around the world is okay, but bailing out a few speculators among the millions of Americans who were conned into mortgages they couldn't afford is "spreading the wealth" to people who don't deserve it.
Incredible stuff. Unspeakable arrogance.
From BusinessandMedia.org:
On CNBC’s “Squawk Box” the Chicago Mercantile Exchange floor reporter, along with several traders, expressed his outrage about President Barack Obama’s plan to “spread the wealth” for people that didn’t deserve it. He said a stimulus should go to people who live responsibly rather than some sort of housing bailout to people that lived irresponsibly.
I have an idea,” Rick Santelli shouted. “Why don’t you put up a Web site to have people vote on the Internet as a referendum to see if we really want to subsidize the losers’ mortgages, or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a change to actually prosper down the road and reward people that could carry the water instead of drink the water.”
According to the CNBC reporter, if a stimulus was given to people who lived responsibly, the economy would run more efficiently and that’s would helped the troubled economy start moving again.
“I know this might not sound very humanitarian, but at the end of the day I’m an Ayn Rander,” Santelli continued. “It’s all about efficiency. If you want the economy to work, maybe we should give these perks to people who will carry some water down the road.”
The Gawker called it “the least sympathetic populist rage ever.”
"This is America" he shouts, referring to the floor at the Chicago Board of Trade, and all the traders shout back about how they don't want to pay for their neighbor's mortgage, and hey, "Cuba used to have mansions," and now they all drive '54 Chevys! We are becoming Cuba, what with this crazy plan to allow people to renegotiate mortgages instead of declaring bankruptcy. Drudge is really excited about this clip because it shows the real America's populist anger toward Barack
Obama's plan to help 9 million homeowners, it is not at all a crazy mob of the least sympathetic people in the country.
It's not that he's simply "subsidizing the Losers' Mortgages", it is that he is being forced to. He has no choice. Worse, the people who over-invested did so because the same group picking his pocket set those people up to overinvest... the government.
ReplyDeleteIt is not "errogance"[sic] to want to keep your own money, but it IS arrogance to think you or anyone else has a claim on someone else's rightfully earned money/property.
Indeed, that arrogance is the opposite of all the principles that made America so great. It is because of the view you call "errogance" that you, Democurmudgeon, even have a toilet and running water, let alone the advanced technology that makes your blog possible!
You missed the point. The whole situation screams double standard. Government didn't cause the problem, some rules were in place, but predatory lending and bad advice did result in the current crisis.
ReplyDeleteI tend to think helping the many, those drawn into the bad loan trap, out weighs the helping a few speculators. But that's the difference between you and me.
The arrogant hypocritical reporter thinks help should go to those who don't need help. Talk about a waste of taxpayer money.
Blaming goverment instead of the Wall Street bankers proves how ideology alters reality. It also proves to me some will never learn from earlier failures. It's always something else that causes your perfect Ayn Rand theory to fail catastrophically.
I do not think it is I who missed the point.
ReplyDeleteDefine "predatory lending".
You wrote, above, "I tend to think helping the many, those drawn into the bad loan trap..." (my emphasis)
So, who set up that nation wide trap?