Re: Chris M. “… not on board with Obama – or humanity …
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What really baffles me though, is that there is so much rage over the $75 billion promised directly to consumers, but I hear little complaint over the $200 billion being given directly to the banks that issued these ridiculous mortgages! The $75 billion pales in comparison to the money being doled out to the people who knowingly and purposefully constructed the system that is becoming our downfall. Why is that? Is it because we can identify with the people who bought too big of a house and we can say "I wouldn’t have done that!, " but it is harder for us to envision ourselves in the place of the bankers? I don’t know. I think the $75 billion is a mere distraction from the disgraceful amount of money being passed to these banks.
For some reason that quote finally clicked with me. I could not figure out why there were so many posts jumping all over Chris and those of us who agreed with him that the recent $75 billion for irresponsible (yes, irresponsible) mortgage holders was a very bad development. Why all the wrath? I conjectured that perhaps it was because Rush Limbaugh and other conservatives jumped on this bandwagon and thus it was just a knee-jerk partisan reaction from those who aren’t fond of Rush and his ilk. (I also am not fond of them just btw) But didn’t you all see that Chris and just about everyone else on this site was equally disgusted with all the other bailouts, including those that happened pre-Obama, when maybe the conservatives were on board? I don’t think Chris or most anyone else here were singling out the "homeowner bailout." Still there is no denying that this latest "bailout" caused more reaction than any other, no doubt it was disproportionate to the amount of the bailout and its effect.
So Propamanda brings up the idea that maybe it is because we can identify with the people who irresponsibly got into mortgages while responsible individuals did not. I think there is much truth to that. If you think about it, the banks and the mortgage companies were irresponsible and greedy. But they are complex organizations with no one decision-maker pulling all the strings. It is hard to relate and get angry at the complexity of their irresponsibility and greed; it is hard to lay blame. I have friends who were on the low end of the feeding chain, mortgage brokers here at ground zero (Newport Beach, Ca) but it is hard for me to look at them and see them as irresponsible and greedy. They were just part of an organism on a feeding frenzy. On the other hand, I also have friends who got in over their heads on a mortgage. Why? Well, they definitely knew what they were doing but they wanted to believe, despite the simplest common sense otherwise, that housing prices always go up. They were irresponsible and greedy (yes, greedy!) all on their own – not part of an organization with a much simpler decision making process than all the thousands of people who contributed on the banking/mortgage side. For that reason, this latest bailout crossed a line.