Comments on '9 ideas for Congress to address the 99%'
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9 ideas for Congress to address the 99%

There are nine simple steps that policymakers can take immediately to reduce inequality, get our upside-down economy back on its feet, and begin restoring the promise of the American Dream.... Read more»

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2 comments on this story

Nov 28, 2011, 9:41 am
-2 +2

For the most part, I like this list. I have to take issue with number 2 though…

I am a capitalist. Some conservatives call themselves “Reagan Republicans”, in that spirit I call myself an “Adam Smith Capitalist”.

That said, part of Capitalism is accountability. If you do something stupid, then you deserve to lose something. When the firms that were “too big to fail” failed, they should have been allowed to fail. When Congress voted to bail them out, every congressperson who voted for the bailouts, especially Giffords, should have been held accountable by losing their jobs.

Anyone who was stupid to buy a house under loan terms they couldn’t handle should be held accountable by losing their house.

No one had a gun to their head to buy a house. When someone offers you a piece of crap tract home in America’s worst city for a quarter of a million dollars, you say no. When someone offers you a loan for two years at a fixed rate, but after that they can change the rate to whatever they want, whenever they want, for any reason they want…you say no. If someone offers you a mortgage payment for something like 60% of your monthly income and you’re not even that secure in your job anyway…you say no.

Most people (want to say “all”, but there MIGHT be exceptions) who got their home foreclosed on deserved it, because they agreed to a deal that either they didn’t really like, or couldn’t handle, or both. I don’t feel sorry for them.

This is yet another example of the Occupy movement blaming the wrong people.

I rent my home. I am now glad I do. I looked for a home when times were allegedly good. The prices were crazy, and I felt that the price tags were just way more than the homes were worth. Turns out I was right.

Nov 28, 2011, 12:44 pm
-1 +2

It seems a lot of the people who are underwater were taken advantage of by hawkish brokers making misleading claims about the terms of the mortgage.  Most people don’t have the resources to retain a lawyer to help them make sense of the myriad of terms one must agree to in order to take out a mortgage, and that played into the hands of the various brokerage firms.

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