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Re: Holy Hell...470,000 job loss in June, national 9.5%
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Originally Posted by Doctor Who
Meh. Maybe. It's more of the banks, at the behest of the govt, relaxed their underwriting standards in order to give low income families the ability to buy a new home. Many paid on time...enough didn't.
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Maybe it's because the banks at the behest of Wall Street sold people mortgages below cost, because mortgages were the raw material that Wall Street was coining derivative money from.
How much does all the low income mortgage payments put together add up to?
Not nearly as much as has gone missing, and most of what has disappeared has gone the way of credit default swaps.
Now I know that blaming low income people for not making their mortgage payments has a certain appeal to a racist mind, but the numbers don't add up to anything near what this crisis is about.
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“ The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.”
Adam Smith , The Wealth of Nations 1776
"We have always known that heedless self-interest was bad morals; we know now that it is bad economics"
FDR's second Inaugural Address
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