You Caused the Depression Stop Blaming Everyone Else
It’s your fault. You bought shit you didn’t need with money you didn’t have.
Lets first get past semantics; not recession, depression. Anyone who was watching from 2004 on knew we were headed for the next great depression. Why? Simple; most of you idiots incorrectly thought that the source of your wealth was owning residential real estate. Residential real estate of course isn’t a source of wealth it’s a place to live and an expense. If you believe otherwise you are an idiot.
What pisses me off even more than you morons dragging those of us who did manage our money correctly into this economic shitstorm is that you still aren’t owning up to your mistakes. You did this. You’re bad planning, you’re lack of self control, you’re poor money habits and your tiny consumer good fueled ego lead you down this self destructive path. You traded our collective economic future for crap that you bought on credit. You moron.
Are you going to admit it? Of course you won’t. People like you never take personal responsibility for your actions. The arguments go something like this;
Politically Liberal Morons; OK man… it’s like this the evil banks OK they forced poor people to take evil teaser rate mortgages that they didn’t understand. Then the evil banks teamed up with the crooks on Wall st. and sold the bad mortgages to old people’s pension funds. These banks and Wall st. crooks screwed everyone and made millions!
Politically Conservative Morons; That foppy homo Barney Frank and his liberal buddies in congress with the help of ACORN forced the helpless bankers to make loans to deadbeats in poor urban areas (this is a conservative euphemism for black people) who couldn’t pay back the loans. That’s right poor people ruined the economy. And now they want bailouts from the successful among us.
Please allow me to retort.
First to the lefties; I’m sure it chaps your ass that your local National Public Radio endowment is in the red and you can’t afford your soy lattes anymore. Boo fucking hoo. The bank’s aren’t at fault for forcing tricky mortgages on people. The banks are at fault for relaxing their lending standards and giving money to everyone no matter their ability to repay. By providing an ever increasing supply of money to the market the banks certainly inflated demand. But without the end consumer making terrible decisions with respect to the use of credit there would be no demand. But you can’t blame the consumer because the consumer is you. And you can’t own up to your own mistakes can you? Better to blame the robber barons on Wall st.
Rightwingers; Poor people in the ghetto are to blame? Really? Because so many poor people own construction firms that arranged 110% financing? So many poor people run real estate firms who in cahoots with property appraisers rigged a system of ever increasing real estate prices thus giving the general public the impression that you could not only live in a house cost free but get paid to live there. Further you assholes via your elected proxies in the Republican party removed the Glass-Steagall Banking Act of 1933 which acted as a financial firewall between the speculative investment and commercial banking worlds.
In short Glass-Steagall act limited the interaction between the credit and investment markets. So that for example a commercial lender couldn’t securitize a pool of risky mortgages and sell it as a “safe” bond. Thus insuring at least as long as the good times were a bubbling that commercial banks could lend a nearly unlimited supply of money to even the most credit unworthy individual.
The Banking Act of 1933 was repealed in part by The Gramm-Leach-Bliley Financial Services Modernization Act of 1999. This was introduced by the trio of right wing pricks who’s name it bears. Democrats including Barney Frank roundly opposed the bill save for the most important democrat; Bill Clinton.
Without the nearly unlimited supply of money flowing into commercial lending by demolishing the firewall between these two formally separate markets there would have been no capital to create the demand. It was the right wing deregulatory fetishists that created the excess capital in the markets that fed this bubble. But of course you can’t take the blame for your own bad decisions and the bad decisions of your elected proxies can you? Better to blame poor brown people.
In summary; this mess is your fucking fault so stop blaming everyone else.