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CEOs Were Bailed Out, Homeowners ... Not So Much

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Posted on Feb 10, 2009
mortgage crisis
youtube.com

Robert Greenwald’s filmmaking team has zeroed in on the ongoing mortgage crisis in this clip illustrating the stark contrast between the fate of Wall Street bankers and that of struggling homeowners after the initial bailout money was doled out—without any requirements that those who benefited the most account for the funds or be accountable to people trying to save their homes.

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By sharonsj, February 13 at 2:06 pm #
(Unregistered commenter)

Mortgage loans to the poor, via Fannie and Freddie, account for less than 10% of all mortgages.  So poor people defaulting is not the reason for this crisis.  If you bothered to read all the financial web sites, you’d learn that the basic problem rests on (1) the falling prices of homes and (2) the banks, real estate agents, appraisers, financial institutions and bond rating companies all fraudulently colluded to create strange unregulated and uninsured stock and bonds that were sold world-wide.  When the house prices went down, salaries went down, and costs went up, people could not pay their mortgages—and then the value of those stock and bonds not only fell but turned out to be worthless.  Don’t blame the homeowners, blame Congress for repealing laws that protect us, for no oversight, and for giving bailout money to their lying, greedy friends.  One last thing: I had to choose between health insurance and a new car, only my car was used, not new.  When you live in a rural area, with no public transportation, if you can’t get to a grocery store, you starve to death.  So to all you idiots out there who really don’t understand what’s going on in America, you deserve every stupid politician you vote for.

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By Nozferatu, February 13 at 2:31 am #

Not a single comment on this thread is unregistered…who are you speaking about?

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By ProgCat, February 13 at 1:14 am #

Wow. There are a LOT of unregistered commentators here with serious Stockholm Syndrome.

I’m sure Wall Street’s millionaires and billionaires are happy you all are willing to defend their greed as they lavish in taxpayer billions, laughing their arses off at you all.

Yeah, it’s all those little people’s fault. They should’ve been born in a better family and they’d never lose their jobs. They should’ve never bought a house, but remain nice little renters in studio apartments because there was bound to be an economic downturn, but they were just too stupid to see it coming.

Seriously, I’ve never seen a bunch of apologists for millionaires and billionaires corruption congregating together, as I do here.

American compassion at its finest.

Pathetic.

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By Nozferatu, February 12 at 3:16 pm #

All this whining but we are to blame at the end of the day.  We’re part of the corruption, part of the system, part of the consumption. 

We’re the ones who go and buy new cars, new houses, new everything…and then complain why we bought so much…it’s someone else’s fault.

We’re the ones who allow people in Wall Street go unchecked because we don’t participate in our country’s politics on a daily, weekly, or monthly basis.  We just want to have a ballot sent to us every 4 years and think that’s all it takes to be a model citizen.

We’re the ones who signed our lives away on mortgage papers so that we could turn a quick buck in 6 months and be $400K richer by selling a POS $200K home for $600K because we put in “granite counter tops.”

People in today’s world don’t know what personal responsibility is.  They don’t know what participation and taking an active role are.  They don’t want to get involved in anything other than have a nice car, buy a home that makes money, spend money and have cheap fuel. 

And then they come to blogs like this and think Wall Street is the only one to blame.  Sure..they are bastards.  But it’s because of us that they do what they do because they know THEY CAN.

Our fore-fathers had a lot more balls than we ever have had.  Now go back to watching Everybody Loves Raymond everyday, 365 days a week and wonder why the star of the show gets paid $70 million dollars a year.  Thanks to viewers like YOU.

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By Blackspeare, February 12 at 1:01 pm #

Let me wax philosophical.  It is a principle of US jurisprudence that all men are equal under the law.  But in actuality we know that all men as well as women are not equal.  Some are smarter, prettier, healthier, stronger, more athletic, etc, etc. But one thing you don’t want is artificial inequalities created by governmental favoritism.

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By Tom Allen, February 12 at 4:48 am #
(Unregistered commenter)

The greedy, power-hungry, arrogant (big) banks ae causing this recession/depression by freezing loans and the money supply.  The puppet government only throws more money at the banker’s and Wall Street’s luxuries.  NOBODY is helping correct the mortgage and foreclosure mess.  Banks should be nationalized and run by public interested people.  Banks should be no larger than state-wide.  There should be strong regulations and audits on banks and mortgage businesses; otherwise the criminals will run rampant.  Where will the U.S. get all these trillions of dolllars??  Foreign interest in buying U.S. paper is fading.  Nobody wants to be invested in a country going bankrupt.

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By FilmCritic, February 12 at 1:00 am #
(Unregistered commenter)

that was an awful video and largely fluff.  please do better mr. greenwald.  you are a better filmmaker than this i hope.

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By kath cantarella, February 11 at 7:20 pm #
(Unregistered commenter)

A feudal system by any other name. The starving serfs must pay their tithes, and the prosperous lords must have their leisure and luxury, complaining all the while about how hard they work for their fortunes. Sickening.

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By Nozferatu, February 11 at 3:20 pm #

Don Stivers:

Let me make one thing clear because I guess it wasn’t clear enough.

The corruption in this whole matter comes from the top.  It comes from the politicians, it comes from the bankers, the Wall Street scum, the Fed, and the people associated with them.  There is no doubt about that.

But the corruption is at our level as much as it is at theirs. 

Investors get their money back????????  WHY???  THey took a risk…the failed.  End of story.  What are you doing to next time you lose money in Las Vegas?  Ask for your money back?

What nonsense.

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By Purple Girl, February 11 at 12:50 pm #

Repugs sure jumped through hoops to pass the 700 billion dollar Giveaway in only One week.But require a helping hand to the citizens of this country be ‘slowed Down’. Since Repugs could push through this Christmas gift to Wall Street, why couldn’t they even come up with a Plan for US over their last 4 months in Power.Not even another round of Checks to stimulate spending for the X-mas season- a guaranteed spending spree. Because they Didn’t want to!
Repugs HATE US!!their Red Ties match their Red Coat souls. Trickle down was nothing more than stealing from the wealth producers and give to the lazy ass Nobles.
What Masses can survive on a Trickle? Trickle down defies sound (ethical) Economic logic. How does things move upward..Through evaporation. Thus the Sea of wealth is being siphoned off, only to return in a trickle. Not a logically way to replenish the ‘Sea’. Or even support the ‘Evaporators’ (siphoners).Sooner or later the Pool runs dry. Theres something to be said for American Strength and fortitude that it’s taken decades for the Well to finally run dry.
Our country was founded in Revolt of Trickle Down, and all those who perpetuated it have committed the greatest act of Treason.Did the Repugs miss the Fact that ‘Redistribution of Wealth’ actually helped the Democrats win the election. Did they Miss the Fact that we rewared ‘yes WE Can’ and rejected “I Know How”.Waht part of ‘Bottoms Up’ escapes the Repugs realization that it is the opposite of ‘Trickle Down’. waht part of the Election escaped their intellect that we Proclaimed Loud & clear to Repugs ‘We HATE YOU BACK!’. Must we not only demand prosectuion for War crimes, but add prosecution for Economic Treason for them to realize we are seriously Pissed off at them? Must we not only execute criminals like Cheney and Rumsfeld,but also Greenspan and Phil Gramm for High Crimes- As enemies of the State?!? How far do they dare push their Luck with US?

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By Can O Whoopass, February 11 at 12:47 pm #
(Unregistered commenter)

Bush’s “base” of CEO’s, frat-boys and smirking Cheney’s continue to screw the plantaion owners, us.

Time for a flogging!

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By Don Stivers, February 11 at 8:11 am #

So Nozferatu:

Why do the screwers get the bailouts?  The professions were the ones who lead the homeowners down the trail.

Shouldn’t the investor at least get his or her investment back?

Politics as usual.

You should include the Politicians in Washington with the label “scumbags”.

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By robert, February 11 at 6:54 am #
(Unregistered commenter)

I agree. Do not live beyond your means. Anyway, it’s really hard for the rest of the world to have any sympathy with Americans - there’s some justice in what’s happening there. The whole system in the US is so utterly broken - the only sure thing coming is bankruptcy, probably followed by civil war and or severe repression.

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By Nozferatu, February 11 at 5:19 am #

While I think some homeowners were wronged and should be helped…the majority of them can go to hell.  They were as greedy, as egocentric, and as hell bent in trying to make a quick buck as the scumbags on Wall Street.

If you can’t sit down and read a 20 page contract for a couple hours before signing your life away, tough shit if you get screwed.

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