“This is what happens when you confuse the free market with a free license to let special interests take whatever they get however they can get it.”
My Father asked me the other day who I thought would win the US Election. I’d be mulling over this for a while and had my answer ready.
“If Americans are clever they’ll vote for Obama, if they’re stupid they’ll vote for McCain… The real question is, how stupid are Americans?“
Obama is a clever guy, but what makes him far more impressive is that he’s made a concerted effort to channel that intelligence towards understanding the problem. No doubt his law degree etc is helping him in this arena, but comparatively McCain looks a bit shell-shocked by all this banks-in-the-poo stuff that’s going on, even though every analyst and his brother in law has been predicting it for years. McCain is actually so out of touch with the problem that he’s treating it like something outside of government, something in private industry where government shouldn’t meddle.
Obama was talking about predatory lending in the housing markets 3 years ago in Illinois on TV. I listened. So when those lending vultures kept trying to goad me into refinancing my home and pulling out tons of money in equity, I wondered why are they so anxious to reassess the value of my home so high? What if these homes don’t keep appreciating at these levels. Then what? I’d have been stuck with the clock restarting at a teaser rate scheduled to ballon on something that wouldn’t be worth what was being paid for it. Then what? Thanks Senator Obama for saving my life. I listened to you. Is there any doubt people? OBAMA FOR PRESIDENT 2008!!!
– Random guy on the Internet.
What happened in the US is really simple. Banks were given the freedom to rape the ignorant public by extending them far more debt than they could ever possibly repay. They reaped great short term rewards but it was a Pyramid Scheme that was doomed from the start. The banks are now paying for that… but the funny thing is that the banks *had* to have seen this coming when they went on their rampant lending sprees 5 years ago… I guess the fat cats got 5 years of great bonuses and will now move on to some other parasitic business practice and start another 5 year cycle.
Is this the land of the free and the home of the brave?
Watch the video: