May 11, 2009

Senator Durbin on Bill Moyer's Journal

The banks -- hard to believe in a time when we're facing a banking crisis -- that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place. ...

Why is it in this country, in America, that we can find hundreds of billions of taxpayers' dollars from hard-working people all over the United States to come to the rescue of bad banking decisions, rotten investments, mortgages that were fraudulent on their face, but can't summon the political will to do something about 8 million families in America who are going to face foreclosure? That is where we are.

As the banking stress test results come in, BILL MOYER'S JOURNAL takes a closer look at money's stranglehold on politics. Bill Moyers speaks with Senator Dick Durbin (D-IL) on campaign finance reform, big lobbying, and making Washington work for the people rather than special interests.


1 comment:

The North Coast said...

Why does Durbin even ask?

We should never have bailed out the financial firms, but then, we should never have created government programs and incentives and fiscal policies to make it possible for so many people to borrow over their heads to begin with.

To aid the 8 million people out there in foreclosure in keeping "their" homes would only add another injustice.

If we do that, then we'll have to bail people out of their CC debt, and pay everyone's rent.

Time to end the grotesque unfairness and the distortions in the markets and economy they cause, and start rolling back all the socialistic housing programs. We need to fade the FHA, as well as Ginnie, Fannie, and Freddie.

The only foreclosure victims I sympathize with are the people who are losing their homes because of job loss. Have a couple in my personal circle, both in their early 60s, who will lose their home of twenty years because her business has gone down the tubes and he was laid off his professional job, and now their savings are running out. Yes, they had savings. The bank will move on them in a big hurry, because the loan is relatively small, and there will be no risk in taking the place and selling it at a foreclosure sale. The bank will take no loss on these people.

But most of our current foreclosure victims victimized themselves, and they know it. How many years of college do you need to have to figure out that $798 a month does not pay down a $750K mortgage? Or that if you "put your wealth to use" by borrowing your house equity, you will just owe more money?

Our leaders are blaming "free enterprise" but it is the government that created this situation, with its policies designed to promote ownership on the backs of the taxpayers, and drive the economy through debt creation and assett inflation.

We're all going through a lot of pain in this massive debt workout and we are all losing jobs, getting our hours cut, deferring major purchases like a long-dreamed-of condo, and doing without.

What makes buried home borrowers so special? Need a home? Do what I do- pay rent.