The New Hooverville - Bushville
Outside Los Angeles is a growing tent city where people who have lost their homes gather to live on abandoned land. The surprise? The complete media blackout by American media. Why do Americans have to find this out through foreign media?
Meanwhile, as we head into another Great Depression, the government bails out the elite, the wealthy, and the banking system with money it has taken from the impoverished taxpayers.
posted by Jay at 8:57 AM
1 Comments:
Listened to a good discussion on this on NPR. I still feel that the people that borrowed amounts they could't repay (when the loan went ARM) were in error. Why should my taxes pay for their stupidity? The past couple years I saw people on incomes WAY below mine buying houses WAY above mine. And cars....and....people LOVE debt. They screwed up. But I also don't think we should "bail out" lenders. THey should be punished for offering these loans to any warm body.
The other thing that I didn't approve of was all the "equity loans". So here someone bought a house for 200k, gleefully watches as it "becomes" worth 300k, and cashes in on this virtual wealth. They didn't do anything for that money, it was all smoke and mirrors. Now they'll bitch that they have to pay off a loan but their home isn't worth what the loan amount is. Moral? Don't be so greedy.
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