Robert Toll: Multimillionaire, Crybaby, Lamprey
This graph shows how Robert Toll made more than $330 million dollars dumping shares in his own company at the top of the housing bubble. Today, this multimillionaire had the audacity to whine for a public bailout of homebuilders -- make that another public bailout of homebuilders -- because Congress has already given these profiteers tax breaks, and Bernanke and others have handed them the gift of ridiculously low interest rates.
"We believe Congress should jump-start demand for new homes with an initiative that will bring buyers off the sidelines and into the market, and thereby stop the downward spiral of home prices," said Robert I. Toll, chairman and chief executive, in a statement. "Once home prices stabilize, Congress could then more successfully address mortgage issues; however, without stabilization of home prices, trying to address mortgage issues may be difficult at best."
This reveals exactly what these bailouts are: they're not going to help average Americans, who are overleveraged already. They're salves to try and soothe nerves, and they're giveaways to greedy men like Toll who already have more money than anyone could spend. Houses are still far too expensive by any reasonable historical measure. The correction is just beginning, and this guy wants taxpayers to foot the bill to stick more people into debt traps so that he and his family can throw a few hundred million more onto the pile.
This guy should be tarred and feathered. This guy is what's wrong with America.