Class Warfare

Why doesn’t the government just step in and take over all of the ARMs that are causing people to foreclose to solve the mortgage crisis and leave them with their same payment?

Oh, wait. That’s not the mortgage crisis. The mortgage crisis is that stupid peons who wanted a house (that American dream thing) and couldn’t read the fine print are defaulting and its causing hedge funds to go broke and making it hard for people who invested in those stupid peons’ mortgages to make any money off of them.

Silly me. I forgot. And the government’s not even handling that. The Fed, you see, isn’t really part of the government–it’s basically a private bank. And I read today that the Fed might not even give a shit about this.

You see, it’s a crisis when Wall Street is in trouble; not Main Street. Cue the preachy “personal responsibility” talking points; cue the “I don’t want my taxes to bailout people who made dumb loans” rhetoric. All of those rules that apply to you and me, but not the financial companies and investors who create the game.

Of course there is merit in the point that a Wall Street meltdown impacts far more people than just the people who made the bad investments or the bad loans. That’s true. But if we are giving people access to financial weapons of mass destruction and they are unsafely playing with them, the consequences should be severe.

Maybe they should lose their house.

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