A conservative wrote:
And actually, Clinton DID say “Everyone Deserves A House”, which is why he passed laws making it “discrimination” if the banks looked up the habitual welshing of the would-be mortgagers!
I hear this sort of thing all the time from rightwingers, so I thought I really needed to respond to this. What you are about to read below will show you just how disgusting capitalists are. You guys wonder why I hate capitalism. Well keep reading. And all of you readers who cheer for capitalism, how is that you can support what I lay out below? You guys cheer for this stuff? What’s your excuse?
No.! That’s not true. It’s a rightwing lie. The capitalist finance companies and banks created the crisis 100% by themselves. No one forced any banks to loan to unfit borrowers. The banks no longer had to get the loans repaid! After banks loaned out the money, the sold the mortgage to someone else who was left holding the bag. The banks didn’t care and honestly they knew that a lot of those mortgages were shit and many were timebombed and they were almost literally impossible to pay back but the banks set it up that way!
They deliberately loaned to people who they full well knew were not creditworthy but they didn’t care as it didn’t matter to them whether they got paid back or not. Then they timebombed the mortgages so they kept getting more and more expensive to pay back to where no one could pay them back! They were set up to fail! They sold the mortgages to suckers and idiots and got crooked accountants to grade them AAA mortgages and then they got crooked insurance companies to insure the bad loans.
They full well knew most of these loans would go bad but they didn’t care! Places like Countrywide were getting paid per mortgage signed so they would have sold a house to a dog or a seal if they could have gotten away with it. All the banks were criminals, all the mortgage companies were criminals, all the accounting companies were criminals, and all the insurance companies were criminals.
They packaged these crap loans into securities like a stock or a bond and sold them as investments to suckers who were left holding the bag. As they full well knew, sooner or later, all the mortgages started going bad and the people with the investments were screwed. They were left sitting on billions in bad loans. The insurance companies could not pay out on the insurance for the securities so they started going out of business too.
The whole thing was just a giant capitalist crime wave. Everyone knew what was going on, but no one cared. We put in Glass-Steagal to separate the consumer banks from the financial banks and many other things to prevent insanity like this, because if you give the capitalists a rope to hang the economy with, they will gleefully do it every time! They did a very similar thing in the 1920’s when we took all the regulations off the stock market and people were able to buy stocks with borrowed money paying on maybe 5 cents on the dollar down. That crime wave brought down the whole system too.
If you don’t regulate the capitalists, the whole mess turns into nothing but crime and eventually there is a horrific economic crisis as the unregulated capitalists crash the economy. Under capitalism, the capitalists always take over the media to brainwash the people with the capitalists’ lies. Then they take over the state and deregulate business. After the capitalists get deregulated, a crisis soon appears. Remember the deregulation of the power industry in California? Same thing. Deregulated capitalism always blows up the economy sooner or later and causes a horrific crisis.
In this case, the US capitalists not only blew up the whole US economy, but they blew up the economy of the world as they took the whole work with them.
Then the rightwing scum made up a bunch of lies called “niggers and beaners blew up the world economy.” Supposedly the evil Leftist government forced kind, loving, sweet, gentle, compassionate bankers to make loans against their will to worthless Blacks and Browns who the banks knew could not pay back their loans. But the evil Lib Government forced the Mother Theresa-like banksters to loan to these good for nothing, worthless NAM’s, the result being, the non-Whites destroyed the economy of the US and the World.
It is absolutely disgusting and it is a 100% lie. The banks deliberately sought out borrowers often Blacks and Browns and told them they could buy a home on great terms. They banks knew that these NAM’s were not creditworthy but they didn’t care as they were selling the mortgages anyway so it was someone else’s problems.
The banks timebombed the mortgages in fine print that no one could understand with balloon payments that eventually exploded to where anyone making less than Donald Trump couldn’t pay it back. The banksters victimized those poor people! They ripped them off! It was all a gigantic con. Those NAM’s were not bad people. They were just duped by capitalist con artists who took them for a ride and stole everything but the shirt on their back.
And the Republicans had the nerve to blame the victims for getting conned by criminals!
