Sunday, October 19, 2008

Financial Crisis = New Welfare

All this financial hullabaloo is really all about this: (1) The poor, with the aid of unregulated loan hustlers, ripped off the rich; and the rich are screaming about it; and (2) A good deed shall never go unpunished.

Liberals (the party of the poor), with the backing of the government (starting with the Clinton Administration) used Fannie and Freddie Mac to use their semi-government 'clout' to guarantee mortgage loaning to the poor (mostly black and brown), to facilitate the American Dream.

The rich, hustled by the building industry and mortgage loaning industry and investment bankers, were thereby induced/hustled to loan the poor to finance their American Dream of home ownership; enabling them to stay in houses they weren't really able to afford except on their hopes and dreams.

The financial crisis is nothing more than a great transference of wealth, a hustle on the rich here and abroad to giveaway (facilitated by the building, banking and investment banking middlemen with their Ivy League mathematical models who made millions brokering the stupid deal) to the poor--and now the rich are pissed off and don't want to lend anybody anything...unless the government gives them some of their losses back.

Poor, 1; Rich, 0; Taxpayers, minus $700 billion.


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