" I don't quite see it that way. It seems to me that everyone in this country believes that they, too, can be fabulously wealthy. What we don't grasp is that wealth in this country is in reality a pyramid scheme, where the very wealthy are supported by the the efforts of those at the base.

What happened is that we have reached the bottom of the pyramid. There are no more people to recruit for the next level. Now the whole thing is about to collapse, unless the top guys convince the bottom guys to kick in some more.

This $700,000,000,000 bail out is just another effort to squeeze more from the bottom. "

" Everyone wants something for nothing, but the root of the issue is still "why were loans being issued to people who couldn't pay them back?"

I think Ann Coulter hits the nail on the head...

"They Gave Your Mortgage to a Less Qualified Minority
by Ann Coulter

On MSNBC this week, Newsweek's Jonathan Alter tried to connect John McCain to the current financial disaster, saying: "If you remember the Keating Five scandal that (McCain) was a part of. ... He's really getting a free ride on the fact that he was in the middle of the last great financial scandal in our country."

McCain was "in the middle of" the Keating Five case in the sense that he was "exonerated." The lawyer for the Senate Ethics Committee wanted McCain removed from the investigation altogether, but, as The New York Times reported: "Sen. McCain was the only Republican embroiled in the affair, and Democrats on the panel would not release him."

So John McCain has been held hostage by both the Viet Cong and the Democrats.

Alter couldn't be expected to know that: As usual, he was lifting material directly from Kausfiles. What is unusual was that he was stealing a random thought sent in by Kausfiles' mother, who, the day before, had e-mailed: "It's time to bring up the Keating Five. Let McCain explain that scandal away."

The Senate Ethics Committee lawyer who investigated McCain already had explained that scandal away -- repeatedly. It was celebrated lawyer Robert Bennett, most famous for defending a certain horny hick president a few years ago. "

" At least a Ponzi scheme is more transparent and accountable and its victims have an avenue to prosecute if not “bailed out.”

Our Ann Coulter enthusiast should love the entitlement culture angle except that these loans were not predominantly in what could have been red lined neighborhoods or minority specific. No evidence has been brought to light legitimizing this theory rather it is a nauseous attempt to introduce race in to the mix as a cause for the situation.

This crisis involves more than the loans themselves (other than their sheer stupidity) where the simple matter of foreclosure would leave the mortgage and the property in the hands of the lender. The repackaging and spreading the risk institutionally is the larger problem. Both sides are a party to this, yes beginning with everyone’s favorite president Jimmy Carter through the present lame minded duck.

Almost anyone that jumped on the deregulation bandwagon is at fault: Gramm, Clinton Regan and Bush all fell for liberalizing (oh, bad word) financial markets. Leadership should be talking about returning to the Glass-Steagall act and restoring some sound depression era policy to financial oversight.

“Slippery slope to socialism” banter is not much more than obfuscation with the intent to promote anarchy in financial markets as a good thing. "

" Franny and Freddie were bundling and buying these mortgages long before the Glass Steagall act was overturned. They are the heart of the problem (as would be explaned if the NVR would post the REST of the Ann Coulter post!) "

" Coulter’s writing is not known for investigative veracity let alone proper attribution. Subprime lending is at the bottom of this crisis and that is a development of the past 8 years not the Freddy and Fanny policies of 1992. She provides no real authority only allegations.

Again Coulter largely insinuates and does not substantiate, it is her extreme attack at any cost to sell her writing not her economic or investigative acumen. It is surprising that at this late hour the attack dogs of neo-Platonism wish to join in the defense of a candidate they largely regard as anathema to their reactionary agenda, seek to undermine or rather place blame to exonerate the Bush “legacy.”

This is laying the early ground work for Wall Street being the toy of the left and absolving the righteous crusaders for no regulation of any responsibility. Next, it was FDR’s fault in the first place for making bankers responsible. Pre-emptive strikes are fashionable still; we know there is something there, so it must be true so we will point the finger at those pesky insidious minority victims the left is so fond of.

The WMD is there, it was Fanny and Freddy all along they cooked up this crisis in the carter administration and now it’s all those liberal do Gooders fault, they are in league with the anti-Christ.

Get a life. "

" This is typical Victor Davis Hanson extreme conservative think tank speak, if I may coin a phrase. I have read his writing before and he is remarkably wrong on almost everything he has ever written about in his columns, especially on Iraq. He has written about our "culture" of entitlement before and he is always on the side of corporations and big business and never on the side of average citizens. "

" Anybody who would quote Ann Coulter as being "right" or "correct" or "hitting the nail on the head" really shouldn't be taken too seriously. She is a propagandist and quite frankly I think she needs psychiatric help.

As for the blaming of minorities and the not so subtle racism involved, nice right wing talking point, but it doesn't have anything to do with why this has happened. 30 years of deregulation of corporations, now that makes sense. Or did you think Enron and this calamity happened by accident? "

" This is not the first gift from the bubble-blowers and deregulators. The dot-com bubble followed the S&L bubble. Each one bigger and when popped more devastating.

The junkies just start looking for the next easy-money fix. And Alan Greenspan was ever so happy to supply.

The Republican true-believers are still working their way down the Republican-approved list of scapegoats, but they can't seem to make the connection between lobbyists funding and running campaigns and the results.

Lobbyists, like the professional ladies in Pahrump, NV, don't do their business for free.

Casinos love to see a big 'winner' because it gathers in more rubes. And the free drinks will flow to a 'winner' who keeps playing until... they crap out.

We'd be a lot better off if we... like Craig Furgusen said last night... used the money, not for a bailout, but to build a big prison.

Imagine if some Wall Street Weasels who wrote billion dollar bad checks got the same treatment that somebody who wrote a $1000 bad check got.

Instead, the lobbyists want their bosses to get even MORE money.

~Ruff "

" Teacher, you hit the nail on the head. OMG, I have been thinking this exact same thing for awhile. Glad you put it into words so much better than I could have!

Kevin, my sister sent me the Ann Coulter article yesterday. I just do not know what to think about this situation anymore. I'm so caught in the middle and it's not an easy place to be.

But here are my thoughts: If we bail out, WHO ultimately gets stuck with debt. As "teacher' pointed out, we are at the bottom and there are no more people to recruit. I really appreciate that perspective.

I think we are in a position of passing debt onto a future generation because we have nowhere else to put it. I think we should accept the pain of accumulated foolishness and pay the consequences NOW, even if those losses equate to fewer resources for our anticipated cozy retirements. I don't think it's right to force our children to pay the consequences of the good time partying of our generation; totally not a nice thing to do, but OMG, so indicative of our generation. I will accept my losses, whatever they may be, before I transfer responsibility onto my children. And perhaps I will enter retirement with fewer resources. I'd rather be poor than subject my children to the mistakes of my generation. I'm not willing to "eat, drink and be merry" at their expense. This is not right. Let's take our losses and be done with it. "

" When I read people quote Coulter and imply that bending the rules to lend to minorities is the root of our current economic crisis, I begin to see why some people have a problem with Barack Obama's candidacy. "

" makes it kind of clear... "

" The other side of this is that I can see the point that conservatives have about bailing out home owners who have made poor decisions.

In the spring of last year, I found out that as a teacher in a Program Improvement District, I qualify for several programs designed to get teachers into homes (one thing I can thank NCLB for). Specifically, the programs allow teachers to obtain mortgages with no money down. A good thing since I have little for a down payment.

I looked around AmCan for some houses and found two I was interested in. These were modest homes, but the mortgage payments would amount to 2/3s of my take home pay (even at a good interest rate). The realtor kept on saying, don't worry, houses appreciate at 5% (at least) in Napa County. You can refinance in 5 years.

I didn't bite. Owning a house is a dream for me, but the terms of ownership in my case would have been a nightmare. I think people are being fed nonsense about the rewards and perils of owning a house, but I also think that they are allowing themselves to be led by the nose. A little critical thinking please. You can't afford a $400,000 house if you only make $50,000 a year.

It stinks to by forclosed on, but why am I being asked to foot the bill? "

" At least in 1929 Wall St. fat cats who ruined the economy had the good grace to throw themselves out of windows. These guys want more money to spend. "

" Many people who got these adjustable rate mortgages were told, by the people giving them the loan, that they would be able to refinance their mortgages down the road. Essentially, they were lied to.

The obvious thing to do in this situation is to keep as many people in their homes and refinance to payments they can make on their homes. For example let's say someones payment is now at $2,000 per month but they are not able to make the payment now because when they started out with their adjustable loan they were paying $1300 dollars and had no problem making the payment at that price. Why not give them a longer term loan with a reasonable interest rate and make the payment $1300.

If you stop the wave of foreclosures it will stabilize the real estate market and ripple through the rest of the economy. "

" Would that Dodd and Barney do the same.... "

" "Would that Kevin and Dewayne do the same..." "

" LOL. Sorry misfit, unlike Dodd and Barney I haven't done anything to subject this country to a financial meltdown. I haven't abrogated my responsibility to oversee businesses backed by taxpayers money.

My conscience is clear... "