Last week, “This American Life” put together a very good episode explaining the origins of the housing “crisis”. But clearly, “crisis” is the wrong term – this is a SCANDAL, much, MUCH more damaging than Enron or Watergate. Why aren’t we calling a spade a spade?
The level of sheer greed and irresponsible stupidity displayed at all levels of this thing is infuriating and unacceptable to me. I for one would really like to see more done to punish those responsible and to prevent this from happening again. People got filthy rich by exploiting corruption at all levels of the financial system.
I’m not a renter, but I am very angry. We sold our house in California in part because we saw this “crisis” coming and we knew we weren’t able to make ends meet. I don’t like the idea of bailing out people or especially the corporations who behaved irresponsibly. So I’m signing this petition and I hope to inspire others to do so as well.
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What bailout are you referring to? I’ve not yet seen or read any plans for a ‘bailout’. All I remember is in December the Bush administration seemed to manage to convince several large mortgage companies to modify existing mortgages to keep current rates in place for certain borrowers rather than allowing them to adjust upwards. Gov’t messing in ‘private’ affairs? Perhaps, but it’s not a ‘bailout’ with regards to any tax money directly going to homeowners.
Have there been other plans put forward that are under serious consideration I’m not aware of?
Um… yes!
From e.g. http://www.latimes.com/business/la-fi-foreclose22mar22,0,2025907.story
“Democratic contender Sen. Hillary Rodham Clinton cited that action this week in calling for a new initiative to provide $30 billion to help homeowners.”
Fair enough – hadn’t heard that. All I remembered was all the outrage at the Bush admin last December over a ‘bailout’ that never was.