OT: A Bank Loans A Man Money For His Fantasy Football Team
lawh...@hiwaay.net
http://www.funnyordie.com/videos/876231e225/fantasy-loans-from-bobby?rel=auto_related&rel_pos=3
I suppose us taxpayers will have to bail out these idiot bankers too!
Alan C. Lawhon
Huntsville, Alabama
Arlo-Payne
I am real pissed off!
I got one but it was only for 50K :)
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Tad Perry
news:219207c7-4760-4647...@j4g2000yqe.googlegroups.com...
>
>
http://www.funnyordie.com/videos/876231e225/fantasy-loans-from-bobby?rel=auto_related&rel_pos=3
>
> I suppose us taxpayers will have to bail out these idiot bankers too!
Alan, you do realize this is comedy/satire, right? Or were you hooked in the
gills?
tvp
lawh...@hiwaay.net
> <lawho...@HiWAAY.net> wrote in message
>
> news:219207c7-4760-4647...@j4g2000yqe.googlegroups.com...
>
> http://www.funnyordie.com/videos/876231e225/fantasy-loans-from-bobby?...
>
>
>
> > I suppose us taxpayers will have to bail out these idiot bankers too!
>
> Alan, you do realize this is comedy/satire, right? Or were you hooked in the
> gills?
>
> tvp
No Tad, I was not "hooked in the gills" as you so cleverly put it.
I posted the link to the "funny or die" video clip as it's an obvious
(and well deserved) skewering of banks and bankers. The clip
highlights just how idiotic all these profit-obsessed bankers became
at the height of the speculative bubble - especially with respect to
real estate borrowing and lending. It's obvious to just about
everyone now, but normal lending standards and other prudent rules of
credit and borrowing were totally ignored and shunted aside for no
other reason than pure greed. These bankers bear a heavy share of the
blame for the mess we're in. They can't claim ignorance or try to
portray themselves as "the victims" of this economic calamity. A lot
of these morons are graduates of the top Ivy League universities and
colleges in the country - places like Dartmouth, Yale, and Harvard
Business School. They all knew better, (or should have known better),
but greed and lust for profits - along with huge bonuses - blinded
them. Now, in the aftermath of their collective stupidity, we
taxpayers (and probably generations of taxpayers to come) will be
stuck with the bill. It's just plain wrong the way all this has
played out. Those idiots, in their three-piece suits, get bailed out
while the rest of us (who are not "too big to fail") get no such
break. It's a moral question, a question of basic fairness and
equity. When the "common man" sees the rich man getting all the
breaks and preferences, that is a society that is one step closer to
breaking down. Capitalism doesn't work (or doesn't work for long)
when you remove the specter of failure from the equation. If we keep
bailing out companies and financial institutions that are too big to
fail, what happens when the day comes when Uncle Sam needs to be
bailed out? This "crisis" (and the way it is being resolved) brings
us one step closer to that dire circumstance.
What do you suspect the effect of this imbroglio is on the average
citizen and their willingness to "voluntarily comply" with the
collection and payment of taxes? We depend on the payment and
collection of taxes to pay for basic government services such as fire,
police, and our military. When people see their tax dollars going
into the pockets of Wall Street bankers - to pay for multi-million
dollar bonuses - it's like battery acid eating away at the collective
will of people to do right. I'm sure you've all read the comment of
Lloyd Blankfein, the CEO of Goldman-Sachs, one of the beneficiaries of
all this taxpayer largesse, who showed absolutely no contrition or
introspection when he declared that what he and all his Wall Street
buddies were doing was "God's work." (I suppose Mr. Blankfein
probably considers Mother Theresa to be a flaming idiot ...)
The news story your Bill spotted is really interesting. Having never
taken out a mortgage, I don't understand the ins and outs of mortgage
financing, but I have read that the banks are being difficult with
borrowers attempting to "restructure" their mortgage debt because any
significant restructuring of the borrowers monthly payments will force
the bank to recognize and report a loss to their shareholders - a
prospect which these bankers are naturally reluctant to do. According
to what I've read, the bankers would rather have the borrowers go
ahead and default on their debt and foreclose on them. Then the bank
holds the foreclosed "asset" on their balance sheet, avoiding (at
least for the time being), having to recognize a loss. The hope is
that (eventually) the real estate market stabilizes and begins heading
back up and the bank is able to sell the foreclosed home without
having to take a loss. So, if I understand this correctly, the banks
have a direct financial interest in forcing distressed borrowers into
foreclosure.
Of course, politicians (and especially Democrats and the Obama
administration), are distressed over the banks behavior. They're
feeling the heat from angry constituents. In fact, the Treasury
Department issued some kind of report (or whatever) yesterday scolding
the banks for their failure to work with borrowers to restructure
delinquent mortgages. It appears that the Government is trying to
"shame" Wall Street into doing the right thing, but these clowns have
shown that they have no shame - not when it comes to their own
pockets.
I suppose history will be the ultimate judge of this, but I have a
feeling - once the whole country goes broke - that we would have been
better off to not have bailed out a single Wall Street bank in the
first place.