Bail OUT THE REGULAR PEOPLE
Why is it so difficult for many to tell the truth? Why do people in this society insist on treating others unjustly? We are all aware of the devastation of our current economy; a fate we have not experienced since the 1930’s. As a direct result, our highest financial institutions fail us as does our government -- “asthma pump please!” These financial institutions and our government should have created an Amber Alert billboard. When your monies are being lost or misappropriated lights will begin to flash followed by a illuminated message: We are SORRY but we are broke! We are SORRY for everything. We are SORRY for not addressing serious problems in an efficient an urgent manner. We are SORRY for not regulating Wall Street, Futures, Politicians and all other control modules. All of these issues continue to severely affect the average 9 to 5 workers, struggling single parents, college students barely making ends meet, basically everyone.
A great many people have lost money in these markets. Many have lost their jobs and some, their homes too. Some are forced to make complex decisions; having to chose paying bills over groceries, gas money over childcare, daily necessities over mortgage. The people forced to make these decisions are unfortunately classified as REGULAR PEOPLE. Umph! Now this is a bit disturbing. Let’s take a closer look at this equation. I find it funny how people with money can insert demographics and laws, yet these are the same people who are getting away with financial capital murder. And to make matters worse, very few are being brought up on charges. The cliché holds true; people with money can manipulate regular people and the system AND get away with it.
If we, the regular people, even considered pulling anything like this in an attempt to cause financial havoc on the RICH, we would be serving 50 years to life. Of course there are different factors which contributed to these uncertainties in our nation’s economy; however the main ingredient in this MUD PIE is greed, pure outright wicked greed. How does one let a company wither away and yet still receive a 400 million dollars? How can one commit fraud and still get a 30 million dollars signing bonus to accept a position as CEO at another company? How is it that CEOs of various companies are capable of selling their stocks worth millions and leave their stockholders clinging for dear life? I am finding out PRINCIPLES do not matter anymore. Once upon a time this word had meaning. If we are too set back to examine these financial crises, it is almost as if we are all in Vegas without actually being there. It is as if we have been shooting craps for the last five years and now the HOUSE WINS! POLITICIANS, BANK EXECUTIVES, LOBBYIST, SIDE KICKS…….yes my friends we, the REGULAR PEOPLE, were taken for a ride. Now who will do the time? It will be the regular people.
http://www.foxbusiness.com/story/markets/economy/fed-chief-economic-pain-come/
Comments (7)
These mortgages were priced to sell and sell fast because it didn't matter to the banks if they defaulted. They just wrapped them and sold them to the street who sldiced and diced them and packaged them with CDO to insure them because the U.S. housing market never had and cross your fingers never would go down on a national level. These programs were concocted by actuaries and everyone in charge went along with their own justifications including the afforementioned. The government approved because it fit their ideology and political goals to get more people owning homes. Etc. etc. etc. With everyone agreeing , wink wink, to buy into the belief that this would last forever or couldn't be broken. A pile of cash was laid in front of people, imagined it turns out, and all they had to do was sign. You can't put a steak dinner in front of a hungry starving hard working person (or not working) and expect them not to go for it. What do they have to lose? A chicken in every pot, a house for every name. The game was rigged, is rigged and I stopped playing it. I now live in China but was born in the Bay Area. I lived in San Jose for 4 years, Palo Alto for 7, etc. I don't envy you Michael for having to be around those low life shucksters who pumped the paper, but I credit you for finding a moral and responsible place to do your business and I certainly appreciate your idealism and desire to see things work better. Yes! If we could all pull the Amber alarm ANYTIME we see bad behavior or things not adding up it would certainly help. Unfortunately we need a much deeper and significant change than that. Kudos for sounding off and being that change.
James, over 15 years ago
I totally agree, totally but tell me this, wouldn't you agree the ratio is pretty low when it comes to borrowers who in fact knew they could not afford these mortgages? but my argument Josh is the Feds new and it was the Feds, when they came out with these trick or treat programs they knew they were going to make money hands over fist? Thoughts?
Michael Mosely, over 15 years ago
Michael - Mr Security guard may not have known how to read a HUD, but did he think he could afford that payment when the ARM reset? He knew that he couldn't, but went ahead and bought the property anyway, didn't he? I agree that the programs never should have come out, and those people who didn't have the income shouldn't be able to buy a home that they couldn't afford, but again, we must put some blame on the borrowers. As I've said before . . . some were mislead, and others simply didn't know enough to make the decision, but most, like you said, were enticed by the fresh sour dough and simply should have let it be. Thoughts?
Joshua Dorkin, over 15 years ago
I totally agree with you, 100% but remember this and you may or may not agree. When these creative financial tools came out it was like the fresh sour dough bread, smelled so good and tasted better with butter, now who wouldn't want a bite. So Mr.Security Guard came along and wanted a home making 20k a year, saw a 100% ltv and he was on a natural high, now this were things go tricky, this security guard was train to observe and report, but did not know how to read a HUD.........HA HA gotcha so instead of that teaser rate being fixed for 3 years it was fixed for3 months, I say this poor soul just wanted to live a dream. Now Mr. Hang out on the street corner wanted a home never worked a day in his life but had a little money, now these people here who wanted something for nothing, I totally agree with you, no bail out............and it was many out there like that which wanted something for nothing, but yet our Financial Institutions and GOVERNMENT should of never came out with these programs, maybe with A paper but subprime! LOL LOL that was nothing but greed from all sides.
Michael Mosely, over 15 years ago
I'll give you that there were many people out there who only cared about their commission, however, there were also hundreds of thousands to millions of people who were greedy and bought above their means, thinking that their home would keep going up in price forever. You cannot avoid putting some blame on the consumer as well, as they were also party to what was happening. There are certainly many victims, who got screwed by bad people, but this would not be a crisis of such large magnitude if we were only dealing with the results of those folks. There were simply too many people of all economic levels who thought the going was going to be good forever and got sucked in to the atmosphere of euphoria to think anything else.
Joshua Dorkin, over 15 years ago
Yes I believe they should get bailed out, but it goes a little deep than that and I will write on that later. With this said, yes I do believe a person who had limited funds to purchase property should be bailed out. But remember this Josh how many HONEST REALTORS and deceiving loan agents made those people believe they could actually afford a mortgage, come on it was about the commission.
Michael Mosely, over 15 years ago
Michael - Here's a question for you . . . should those people who knowingly bought a home that they couldn't afford get bailed out?
Joshua Dorkin, over 15 years ago