Reply #5: Oh you have no clue how bad we're being fucked...

[originalpckelly]

Yes, that's just one part of it, but there's something really fucking sick going on.

The house flippers go out to foreclosure auctions to bid on houses to buy IN CASH (calling all rich people).

Because the lender doesn't give a fuck about the equity in the house which a home owner has, and they just want to get the money owed to them, they put the house on auction at the price of loan remaining on the house.

So if someone has been paying a mortgage on a house for 29 years, and then in the last year of their mortgage, defaults, all the equity in that house would probably be lost.

Now, by law, if the house goes for more than what the lender wanted, you receive a little check in the mail, but a lot of times that doesn't happen, and when it does it's not all the equity.


So in other words the rich are literally stealing from the poor.
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That's house flipping and foreclosures, but let's talk about renting:

Renting is the biggest scam, unless you need the full service of a rental property, it's always better to own.

Basically, you pay months and months of rent, and that money is completely lost.

In a house, you would at least have equity, either in the form of the increased value of a house over the years you've owned it, or from when you're lucky enough to start paying off the principle of the debt.

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Oh yeah, let's talk about the deficit last year.

Last year the deficit was supposedly cut in half. You probably remember Bush bragging about it.

Here's the article where I read this, it was posted late last year:
http://www.msnbc.msn.com/id/14756403/site/newsweek/

When they took money from the Social Security trust fund, they burdened the poor and the middle class unfairly.

You see, if the Bush administration had taken money from foreign countries or issued bonds, then everyone in America would be responsible for paying that debt back, including the rich.

However, the tax which pays into the Social Security trust fund is a regressive tax, meaning that at about $100,000, the percentage of someone's income paid in the tax goes down. Or rather, poor and middle class people are taxed at a much higher rate than millionaires and billionaires. :-) How do you like that?

And not only that, on income from investments there is no payroll tax (i.e. investment income doesn't pay into Social Security.) Again, the vast majority of investors are rich people.

Anyway, they took that regressively taxed money. That means the burden for that tax is primarily on poor and middle class families, and that we have to pay for that debt instead of the rich.

Robbin Hood in reverse.

We're getting fucked big time.