March 26, 2008
– Comments (6)
Wow. Things seem to be gettin' uglier.
"Homeowners, that's more than $1 trillion (in mortgage debt), you're crazy," one man in a suit screamed at a protester on the street.
I like the 'man in the suit' detail. It wouldn't have the same effect if it was 'one man in four, layered sweatsuits swigging from a 40oz bottle of malt liquor in a brown paper bag.' That was me, by the way, but the AP pays me no mind.
lol, thats all I am saying.
I bet you a whole nickel that these were not poor subprime borrowers. These were people whose net worth of $1,000,000 did not increase to 1,050,000, and who will now take Bernanke to answer for this heinous crime. And the renters will continue to rent.
In NYC, lord knows who they were. When I lived there, the Street kids I saw most often in the village all wore North Face and were living off Connecticut momsy and dadsies millions. Playin' bum was fun for them, especially because they could eat, and stop when it wasn't fun anymore.
I sympathize a bit with the feeling, but as distateful as the Bear bailout/backup is, you can at least make the argument that the multiplier for this crummy outfit made it worth salvaging. And most of equity did get wiped out.
The world will not end if individual homedebtors lose their bubble properties, however, and there's no guarantee that writing these people checks would keep them in the houses anyway. Finally, there just isn't that much money available, as the angry man in the suit noted.
Still, I suspect we're going to see more of this coming up.
Yeah man, in NYC, the protestors are all NYU kids that don't realize that someone is paying $40,000 on their behalf to get educated and smoke some killer pot (ps: I'm an NYU alum, so I know whereof I speak... actually, the pot wasn't that good). Anyone that would have something to complain about in NYC doesn't own a home.
I love the term 'homedebtors!' And yes, if you write these morons checks, they'll probably just leverage the money to take out a loan they can't afford to pay.. wait, did the gov't prevent that yet? No, okay...
NYC is not a bunch of hipsters as gets potrayed in the media and on a cusrosy visit. That's Manhattan and they get noticed because they're obvious. There's more to NYC than that.
The "street kids" obviously weren't the protestors, they were still high and listening to Bell X1 when the protest was going on (they wake up at 5:00pm and get on street not before 7:00pm. Get on the schedule, people)
The other 4 boroughs are the ones active as they're the one who care and all such noise that's made - count on Brooklyn, Queens, Bronx and Staten Island for that.
Now, if you excuse me, I have a protest to go to.