Are u hearing the language the Republican is using about the mortgage crisis?
He's defending the new "financial instruments" he saying...That if we didn't have them poor people would not have the "opportunity" to buy a house. This let them buy with no money down. They had to pay higher interest rates because of the "risk" but at least they had a chance to buy. If you reform the mortgage industry, it will lock poor people out of their first house. He also said the re-set of mortgages to a higher interest rate is because, interest rates went up.
Aside from this being bullshit, what you are hearing is Adam Smith" language and it reminded me of something.
I remember a few years ago when the Rs controlled the Senate. Watching hearings on whether to de-regulate the mortgage industry. The Thugs were saying stuff just like what you are hearing this morning. "Opportunity language".. The Dem's were worried about predatory lending and the Thugs actually insinuated that they were racist.
Did anybody else see those hearings or am I just dreaming? And if they are in the C-span archives somewhere, wouldn't they make excellent campaign commercials for next year when the mortgage crisis peaks?
10. The truth is, they probably could have paid if not for all the setups.
Re-setting to a higher rate no matter what. Balloon payments. Nobody can make balloon payments. If they have just got regular loans, they would be okay. The "risk" defense is just bullshit. They deregulated just so they could screw people.
9. I have been trying to get through. I wanted to compliment the republican guy
for managing to use most of the "buzz words' and to ask him if he got bonus bucks for every time he used them.. Sometimes, he used them in a totally inappropriate context.. It's like they all have buzz-word-tourettes when they get on tv.. they just blurt the words out..
lawyer TRIAL lawyer law suits tax increases free market and many others too numerous to list
20. They legalized Loan Sharking for the mortgage industry. They
never realized that people wouldn't or couldn't pay up. It's not like they could go knee cap people to get money. You can't get blood from a stone. Some times I think that these GOPer's and corporate elites really think that money grows on trees and that everyone has plenty of it. 10-15 years from now we could really be looking at a bloody period in our history, much like the French Revolution in 1789.
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