So this guy stands in the midst of Wall Street and rants about having to bail out his neighbors who may have lost their jobs as a result of the same criminals on Wall Street who were just bailed out. Are you confused yet? I want my money back.
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# 29 – Troublemaker
So you suggest there were no issues until deregulation?
I will say that the Dow charts do get a bit unreasonably optimistic with deregulation.
I worry about the regulation pendulum going too far the other way. Thanks to Enron, I can’t fart at work without documenting it. And like SarBox protects anyone.
#26–Trouble==”What changed?”==the banks started making their money by bundling bad loans and selling them as securities rather than by getting repaid on the loans by the homebuyers.
Its called “moral hazard” and the risk-reward link cannot be more than ONE before a system is designed to fail.
Actually it is amusing, all this talk about the “best and the brightest” folks on Wallstreet. Bankers don’t need to be smart. They just have to make loans to anyone with 20% down and an income to pay back the loan. Secretaries and retards can figure this out. It takes a GENIUS though to figure out how to avoid what little regulation exists, con the Congress for exemptions/rule changes, commoditize mortgages in the same way that was made illegal to do so 60 years ago. Takes a CRIMINAL GENIUS to think you can make enough money on the upside to make the INEVITABLE crash a worthwhile endeavor==and turn out to be right.
No–whats needed are a DUMB BANKING SYSTEM with CEO’s who indeed cannot make their 100K in any other business. A group as portrayed in the BBC comedy “The Boss” is whats needed for our banking system==any most other “systems” as well.
Takes an imbecilic “anti-regulation” mindset to allow it all to work.
Well done, USA. Well done.
When the free market is manipulated by government regulations, presidential edicts, or congressional action, things will be effed up. It’s a guarantee. This is not a failure of the free market. We haven’t really had a free market for well over 80 years since congress and the president started screwing around with it.
Let good behavior result in profits and bad behavior result in losses and maybe bankruptcy and the market will do just fine. There will always be recessions, but they will be more shallow and less lengthy. Look at those of the 1800s for example.
We as American’s have to get over the idea of to big to fail. If we just would have let to idiots how made the bad loans fail we could have shortened this cycle/depression, but instead of 100000 out of work we have millions out of work. The British empire failed, so can the American congolmorate.
#34–Ivor==truly an ignorant post. Free Markets “don’t work” because the freer they are, the more subject to fraud they are. The same desire that makes the free market work at all (greed) is the same desire that makes it unworkable == GREED!
Without regulation, the free market is only a jungle with apes like you saying its wonderful.
The only legitimate discussion about a free market is how to best regulate it, and more importantly, how to put real teeth of enforcement into those regulations.
Even baseball bats to the head are ignored by those totally brained washed.
This first black president with promises of hope and change seems to be broken. Can I make an exchange or get my money back?
3,
“Where are, The Dead Kennedys, when we need them?”
SO TRUE!
Were sorry
But you’re no longer needed
Or wanted
Or even cared about here
Machines can do a better job than you
This is what you get for asking questions
The unions agree
sacrifices must be made
Computers never go on strike
To save the working man youve got to put him out to pasture
http://www.lyricsfreak.com/d/dead+kennedys/soup+is+good+food_20038149.html
The people who need help need a lot more then a mortgage reduction. This is only going to help people who are current on the mortgage as the plan states. So if they are current why are we helping them?? I am current on my car payment but I would like a lower interest rate.
Do you tihnk if I whine loud enough I can get one?
I see
Give us back the money and the bonuses you took for all the financing terms that you gave us
So much for the credit challenged
“We have met the enemy and he is us.” Pogo.
“Those who do not learn from the mistakes of the past are doomed to repeat them.”
Have we learned anything yet?
If we have there is hope…
What we learn from studying history is that we don’t learn from history.
Thats why there are cycles.
attention liberal idiots
Note the video… “Live Chicago”
Commodities traders, not Wall Street.
You may resume your normal mindless class warfare now.
RSweeney said,
You may resume your normal mindless class warfare now.
And you can resume sucking your dad’s cock now.
I may be wrong but it looks like Chicago, not NY. I’m thinking CBOT, not NYSE.
#43 Ha, well do duh, eh? I was looking at the jackets and displays in the background.
I acknowledge the Buddha within.
CRA in and of itself it was not the problem. Locally local banks went into redlined areas of the community and did home loans based on alternate credit qualifications, etc.
I’ve talked with some of the bankers and they say the default rate on their CRA loans is lower than their regular home loans.
But apparently many banks were much more cavalier or predatory, or stupid in doing CRA loans.
I’d like to see what economic demographic has the highest rate of defaults.
I am thinking he is pissed because he did not get his piece of the pie.
Go fetch or get a shovel and dig a foundation.
contempt,
“This first black president with promises of hope and change seems to be broken. Can I make an exchange or get my money back?”
Wow contempt – four whole weeks and he’s a screw up?
You’re a generous KKK member. Please clean a loaded gun until it goes “BOOM”. I promise I’ll give you a dollar & a Rush Limbaugh party doll. I hear it has the “ever erect” penis (TM) that you can use it to insert into your ass so you can give a blow job to it and rectum roger at the same time given thats where your obviously head is.
Peace out.
#44 Troublemaker, why is it you people put such faith in homoeroticism as a curse?
Projection?
I was hoping that if we couldn’t learn from history we could learn from painful personal experience.
It would seem we haven’t hurt enough yet for that to work either.
The man was right. If they can’t pay for it they can’t pay for it.
The poster was right preditors robbed the poor with the aid or liberal congress critters who wanted them to have homes they could not pay for.
Okay some congress critters were simply on the take.
The problem is the congress critters are still there, in a total funk of a panic, and still throwing away money at record speeds trying to buy their way out of the hole at any cost.
I still think that sooner or later this means we are all going to be in a hole so deep that it is going to take an ocean of pain to get out of it.
Congress and spending what we don’t have isn’t the answer to our problem. It is our problem.
I’m not sure which is going to do a total crash and burn first. California or the Fed gov which will take us all down.
Traditionally California has led the nation so the smart money might be on it but with the people now running Congress I have to think it’s a toss up.
#22 for the win
In the end, its the corps, forcing the Gov to PAY THEM, with OUR MONEY..
If the Corps want to keep things the way they ARE, they shouldnt TAKE the money, and just DROWN.
A friend owes 750,000 on a house that is now “worth” 300,000.I want to know why he should hang around and pay 3,500 dollars a month to live in a house when he can rent a nice condo for 1,500 a month.We are all so screwed.
#55 ECA
I don’t think the corps are forcing the government to do anything. Its pretty clear to me that they are all in it together, trying to pick up the pieces of their scam which just imploded.
The more I think about it the more I agree with Curry’s ‘were just batteries for the New World Order’ argument. All of the ‘war on terror’ security infrastructure is not there to protect us from the evil terrorist, its to protect the uber wealthy from us.
#28: Quite right. I’ll buy that. 🙂
I find it amazing that people comment on Santelli without knowing anything about him.
Santelli is posted at the Chicago Mercantile Exchange, not New York. They trade real commodities there, not bad paper. He has been ranting against New York and the bank bailouts consistently for years. Anyone comparing him to the Wall Street crooks has either never seen him before or is a total idiot.
Nice cartoon video here explaining how it all went down in broad brush:
http://crisisofcredit.com/
58,
bUT THE Gov has bailed out so many companies in the past, it was a forgone conclusion they would jump in AGAIN..
What happened to all the Profits in the last few years?? While they were SMILING and HAPPY..This is NOT something that happens over nite or in 1 year..
This argument seems to boil down to an issue of fairness. I guess my question is, would you rather capture the bank robbers or save the hostages? How much is the ideal worth to you? Is it fair that banks got a bailout? No. Is it fair that you paid your mortgage on time while others fell behind, and now you’re going to have to bail them out? No. But this situation is now what it is.
Somewhere, right now, some kid who got his legs blown off protecting you overseas is now forgotten in some underfunded crap-hole V.A. hospital. Somewhere a guy who worked hard and didn’t have a house just lost his job through no fault of his own. Somebody lost their retirement. Somebody can’t find work. And yet here most of you are, still with, bickering over what’s fair to you. You’re a disgrace to victims.
I guess the only universal fairness is that eventually, the unappreciative folks who live in the richest country on earth but can’t stop whining over who-got-what may very soon find themselves without any. At this point, I think we deserve it.
And the Jobs that are going over seas are the ones that should STAY. For the price of 1 CEO/board member/and such, you could keep 100+ workers..
Those jobs CUT at the bottom are PAYING wages at the top. Look at DELTA, cut wages $600 per month and 6 months later gave BONUS to the upper workers. Look at the parties EVEN after getting bailout money.
But do you think those on TOP want a PAY CUT??
NOPE.
Compare the wages of those in the USA with ANY other nation, and the USA CEO/and the rest get 10-100 TIMES the wages and benefits..
THIS DIDNT HAPPEN in 1 year, it took YEARS for this to balloon..