As a bankruptcy attorney, I dealt day to day with the fallout of the “sub-prime” mortgage crisis. It’s getting worse. ARM loan rates go up, people have less money to pay their other bills, they get behind, call the bankruptcy attorney. I heard story after story, helped when I could, but the system is broken. There are no safety nets for people.
What I find ironic, and what really actually pisses me off, is that these huge banks have been screaming Deregulation! Deregulation! Deregulation! for years and they got what they wanted. Credit card companies do what they want when they want. Sub-prime home loans are commonplace. What few laws that are left are ignored by greedy lenders looking to suck in any consumer desperate enough to want a home. And now the house of cards is falling all around us and what do the big banks do? Go crying to Congress to fix it for them.
Two years ago these banks asked Congress to punish the shit out of consumers filing for bankruptcy claiming they were losing too much and consumers were getting away with something. Consumers need to take better responsibility for their financial decisions! They need to pay for their mistakes! Congress jumped on board and passed some of the worst legislation ever designed. It ignored reality and served a very rich few. It has not stopped bankruptcy, it has only made it a bigger pain in the ass. Now the banks are suffering from their own stupidity and greed and they want Congress to fix it for them. What happened to RESPONSIBILITY? What happened to paying for your own MISTAKES? How about we create legislation like the bankruptcy laws and stick it to their asses? Oh no, they’ll whine. You can’t do THAT. It will hurt the ECONOMY! Fuck, the economy is a mess. Anything that looks like stability is an illusion. Consumer purchases are paid for by borrowed money. The US is in debt up to its eyeballs. It’s going to come crashing to the ground. It is inevitable. Congress can pretend to try and bail out these stupid fucking banks, but it’s only going to be a bandaid.
Capitalism is a triangle. It requires a bottom to keep the shit running. It also requires a down to every up. We have been in a pretend up for a very long time. It’s going to come back down. Everyone who is on the deregulation boat is going to get what they deserve. There is a reason we don’t want pure laissez-faire capitalism. There is a reason we need to regulate. We only need to look at China to see what capitalism without regulation looks like…children working horrible hours for worthless pay, no safety standards, a good deal of the country in poverty while a rich few sit back with guns, shooting those who dare to question them.
Okay. I have to stop. I’m getting all irritated. I just find it ironic that the same banks who worked so damn hard for deregulation are the same ones that want us to bail them out.
“We only need to look at China to see what capitalism without regulation looks like…children working horrible hours for worthless pay”
But the great thing about capitalism is NO one is forcing these kids to work. Capitalism means freedom.
“rich few sit back with guns, shooting those who dare to question them”
Give me a picture of any rich person holding a gun shooting people. Where are these so called rich?
Person who is too chicken to leave their name said:
“But the great thing about capitalism is NO one is forcing these kids to work. Capitalism means freedom.”
Riiiiight….choosing between eating and going to work is a real choice, for sure. I have little doubt that all the children getting up to go make plastic crap for Walmart jumped out of bed singing, “I just can’t WAIT to go make plastic crap for Walmart today! Wow, this is just so exciting!” Is your argument that this child could choose not to go to work and not earn anything (assuming such a “choice” actually exists, what with parental influence and all)? This is in contrast to a system like the US where children don’t have that choice? Yeah, I think American children are suffering because they don’t have this “choice.” I know my daughter is upset that she is limited to the “choice” of whether to play versus doing chores. In fact just this morning she wondered aloud why she wasn’t able to go make plastic crap for Walmart all day long with no breaks. Maybe we should deregulate child labor laws. Then when some company goes belly up because the children didn’t do something right, it can go to Congress and have them shoot those horrible kids.
Person who is too chicken to leave their name also said:
“Give me a picture of any rich person holding a gun shooting people. Where are these so called rich?”
How about you do a google search for a little thing called Tiananmen Square. How about also doing a search on the Chinese goverment’s actions against the Tibetan ministry. Your definition of rich and mine are probably quite different. I would say that those holding the guns in these cases, either literally or figuratively, are quite rich. Also, how could I show you a picture of anything? You are not brave enough to put your name behind your words.