Tuesday, July 22, 2008

Well Color Us Shocked

NYTimes (07.20.08), via Beat The Press:
"The credit crisis has exposed and worsened a dangerous and deepening divide in this country between a vast number of average borrowers and a fairly elite slice of corporations, banks and executives enriched by the mortgage mania.

Borrowers who are in trouble on their mortgages have seen their government move slowly — or not all — to help them. But banks and the executives who ran them are quickly deemed worthy of taxpayer bailouts.

Fair Game - Borrowers and Bankers - A Great Divide

"On the ground, this translates into millions of troubled borrowers, left to work through their problems with understaffed, sometimes adversarial loan servicing companies. If they get nowhere, they lose their homes."

"Taxpayers, meanwhile, are asked to stand by with money to inject into Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants, should they need propping up if loan losses balloon."

What's so pathetic is that more than a few of these guys, these titans of industry, these captains of capitalism, are fucking morons.

And how many of them do you think are Republicans?



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