Re: Ping Diddy...from (the)duckster


"Melinda Shore" <shore@xxxxxxxxx> wrote in message
news:fvak4k$f13$1@xxxxxxxxxxxxxxxxxxx
In article <4818c8e7$0$19814$ecde5a14@xxxxxxxxxxxxxxxx>,
Paul E. Schoen <pstech@xxxxxxxxx> wrote:
They were gullible people, lured by possibly unethical lenders, but they
should have done research and listened to reasonable people who probably
advised them against it.

The only "reasonable" people who recognized there were
problems were a couple of economics bloggers you probably
never heard of. The president said everything was okay.
Bankers said everything was okay. Investment rating
companies said everything was okay. Alan "Bubble Boy"
Greenspan said everything was fabulous. Nearly everybody
said everything was okay.

Banks made loans to people they knew wouldn't be able to pay
them back. They didn't bother to verify incomes, and they
made loans for more than the values of the homes. They
turned around and immediately sold the mortgages, shoving
off the risk onto somebody else, who then busted up the
mortages into packages and resold them to investors.
Investment rating companies said that this crap was as safe
as Treasury bonds and a lot of people believed them and
bought, bought, bought. But you, with half a brain and half
a soul, choose to blame the people who believed the realtors
and believed George Bush and his "ownership society" pabulum
and believed they could participate in the American dream.
Sorry, dumbass, but you've totally bought into the
crass corporate mouthpiece Republican hooey about this all
being the fault stupid, greedy consumers. You're a gullible
simpleton with awful values, Paul.

Actually, I'm a Democrat, and I believe in compassion for those who were
innocently duped and perhaps illegally misguided. I'm also all for personal
responsibility, and people have been given a free education and access to
free resources at libraries and elsewhere. So, if bankers and other
supposedly trustworthy individuals and institutions misrepresented
themselves in order to exploit those who honestly believed they could
afford to buy a home, then they are the ones who have a personal
responsibility for this crisis and they need to be prosecuted. But many
people laughed and partied their way through school, and scoffed at those
who tried to learn and made extra efforts to do research and follow a
logical approach to decisions.

So, these are the gullible simpletons with awful values, and if you feel
sorry for them and want to bail them out and reward them for their shallow
values, then use your resources to do so. Most of these people probably did
not have any resources to put down on their homes, and have not built up
any significant equity in their short period of ownership, so all they have
lost is their mortgage payments, which were probably not much more than
what they would have paid in rent. And now they may also have lost whatever
little credit rating they may have had, which will just mean that they
won't be able to build another house of plastic cards.

Paul and Muttley


.

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