Wed Dec 12, 2012, 03:58 PM
Democrats Ramshield (110 posts)
Spiegel:"Wall Street's Central Values: Avarice and Greed." The next bailout, Wall Str. vs Main Str.
Written by an American expat living in the E.U. who holds an M.B.A. degree.
Are you ready for the next Wall street bail out?
Here's a better idea this time let's bail out main street! Let's help bail out underwater home owners and their kids who are living in their parents basements drowning in $876 billion dollars in student loan debt. Of course as wall street is right now engineering the next crash for you to bail out, if they have their way the the 1 in 3 home owners who are at present underwater will be left to drown.
Welcome to the lost continent of American Atlantis, the land of underwater mortgages, a country where waterfront property has a new meaning!
Daily Mail UK quote: "Housing market sinks deeper as ONE THIRD of homeowners are underwater on their mortgages and owe $1.2 TRILLION more than their homes are worth........Nearly one third of homeowners are underwater on their mortgages and owe an average of $75,000 more than their houses are worth, according to a startling new report by the real estate research firm Zillow." End of quote.
DON'T WE KNOW PAYING OFF NEGATIVE EQUITY IS PAYING FOR NOTHING! SHOULDN'T EVERYONE STAND TOGETHER AND STOP PAYING EN MASSE! TO FORCE A MARKET CORRECTION OR BAILOUT THAT ALLOWS EVERYONE TO STAY IN THEIR HOMES!
How did all of this happen in the first place? To answer that question we have to go back to the start of the 2008 crash with the help of the Spiegel quote below. Here is what we see is the bill coming due for the fact that as working class wages have been flat for over 30 years (thanks to the 1%) the only way to find money, for the economy to grow was to convince American home owners to take out mortgages on their homes. The product of which is that 1 in 3 American homes are underwater todate.
Wall Street in what is called equity stripping took $750 billion dollar out of the working class U.S. housing market and put it straight in their own pockets! This dropped home ownership from 70% in America to 40%. Happy holidays America thanks to Wall Street's gifts that keep on giving!
( Please click on the link below to read the rest of my Daily Kos article. Thank you! )
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