Thursday, October 23, 2008

still think the bailout was due to poor people?

If you think poor people or greedy homeowners who wanted a house they couldn't afford are to blame for the subprime mortgage mess you should watch this video.

Dennis Kucinich is great on this but the real fun is when Rep Mark Souder speaks. He tears the entire business model up and rips into the execs, he specifically calls out how the issue was not the giving of mortgages to people but the demand for those mortgages from the industry to fuel their derivative market.
Here is a quote from Sounder:

Some of the answers just appall me, I mean, it is clear that greed lead to see no evil, hear no evil but report no evil. It is clear that there was fraud here but there's also to me, incredible gross incompetence, it is an embarrassment to the business profession...

Really the BS talking point that this is all the fault of poor people or minorities, or greedy people is done. Place the blame where it belongs, on the greedy scum on Wall Street. Pay particular attention to the talk of the role of the rating agencies. Pretty nasty stuff, these guys could teach the mafia how to run rackets.

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