Arianna On "Countdown," Discusses How Dem Senators Screwed Homeowners
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Arianna Huffington, Countdown With Keith Olbermann, Keith Olbermann, Video,
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Arianna appeared on "Countdown with Keith Olbermann" Friday night to talk about why a number of Senate Democrats voted against legislation aimed at stemming foreclosures Thursday. Arianna read a list of the names of the Democratic Senators who voted against the bill and called on President Obama and Harry Reid to take a firmer stand against the influence of the banks who opposed the legislation.
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It is outrageous that the people who broke the economy still control a majority of the members of the Senate. Not putting an end to these foreclosures will make the recession worse. Therefore they are doing still more damage to the economy than they have already done.
that,s right
they are helping to put people on the street
why is that I ask over and over as my fellow americans are tossed like used toilet paper
you mean they screwed about 5% of homeowners and did a great SERVICE to the rest of us
forcing more bank writedowns to help struggling homeowners will simple fall back on us, the american taxpayers.
people have been getting foreclosed on forever, its not a new problem. just because more people now were irresponsible or reckless in borrowing money all of a sudden the rest of us need to open our pockets?
dont think so
Thank you.
The banks get the money from the bail out and the banks get the houses from the foreclosures.
Egregious misrepresentation: "forcing more bank writedowns to help struggling homeowners will simple fall back on us, the american taxpayers.
HOW? WHY? ... because the banks need to make BIGGER PROFITS OVER HUMAN SUFFERING, particularly concerning financial instruments based on dishonest, if not criminal practices, that literally PREYED UPON INNOCENT CONSUMERS?
The fact of the matter is - that the NO VOTE TO PROTECT HOMEOWNERS FROM RORECLOSURE - was about INSURING BIGGER PROFITS FOR BANKS over stability and security for HOME OWNERS and their FAMILIES.
THAT IS WHAT THIS RECKLESS, REPREHENSIBLE VOTE IN FAVOR OF KEEPING AMERICAN FAMILIES HOMELESS..
Those senators who are suggesting that support for this measure would have hurt the rest of us are a disgrace for making such remarks that they KNOW are NOT TRUE.
The BANKS ALREADY HAVE OUR MONEY.
THEY ALREADY PROFITTED.
NOW....the
That is just reprehensible and inexcusable. It would have cost you NOTHING.
YOU ALREADY PAID FOR IT WHEN THEY TOOK YOUR MONEY THE FIRST TIME.
What this is about is insuring BIGGER PROFITS FOR THE BANKS.
So at the very least - be honest.
tell me how a few americans who supposedly bought more home then they could afford
brought down the WHOLE WIDE WORLDS ECONOMY
give me a break from the propaganda that you spew !!
people world wide are losing every thing they have because they no longer have a JOB!!!!
It wasn't a few. Our entire economy was based on consumerism based on unsustainable levels of consumer debt ... debt of all kinds.
It was not sustainable and was going to crash sooner or later.
We opened our pockets to the banks, the car companies and AIG. Why shouldn't we help out homeowners? They were no more reckless than all the above.
Two wrongs do not make a right.
There never should have been any bailouts, period. But it's the Dems who are shoveling money as fast as they can to the banks.
You have bought the propaganda line of the corporate interests. There are a number of things wrong with this line of propaganda.
1. Many of the struggling homeowners are low information home buyers who were deceived into taking on loans they could not afford by greedy brokers and banks who knew they were making loans that could not reasonably be repaid.
2. An epidemic of foreclosures depresses the property values of all homeowners. The banks end up dumping a wave of foreclosed homes on a market that cannot absorb them, except at very low prices.
3. The fear of foreclosure results in unwillingness to make purchases by many households, which makes the recession worse.
4. It is the irresponsible investments by the financial institutions that have resulted in the government bailouts. There is no reason to believe that writing down the principals on loans that the debtors cannot repay will coct the taxpayers money.
5. While foreclosures take place at all times, it is the heavy wave of foreclusures that is damaging the economy.
lol..."low information" homeowners
It is important to not make any contributions to the Democratic Senatorial Campaign Committee because part of that money will go to the corporate whores who sold out the home owners. One should instead contribute this money to the campaign funds of individual Senators who voted with the homeowners. This is easy to do via Act Blue.
Senators are not elected to represent only homeowners. They are there to represent the responsible people also that pay taxes and invest responsibly. Stupid people and gamblers are, and should be, on their own.
What a bunch of balogna and DISTRACTION from the TRUTH of what occurred.
The banks created those instruments, and conveniently CHOSE NOT TO VET the buyers.
Why?
Because they had a plan - a scheme is more like it.
And the end game was BIG PROFITS, like SOCIALIZED BAIL OUTS OF BANKS, BUT NOT PEOPLE.
What's next? Socialized medicine to continue for congress, but not the American people?
It's government and representation - OF - BY - and FOR THE PEOPLE, not OF, BY AND FOR THE BANKS.
Otherwise - it is NOT a democracy.
tell it to the banks buddy !!
there the ones who are responsible for over 10 million people losing their Jobs and these are good and decent people who when they had money paid there bills plain and simple
no Job no house payment get real and stop blaming home owners
You must be one of the yacht, or second, third homeowners who support financial security and protection for the wealthy, and not the majority of Americans who are just struggling, working hard, trying to raise their families and provide a HOME for their loved ones.
But you would besmirch them the opportunity to renegotiate what was egregiously mishandled in the first place, that would now allow them the opportunity to have their mortgages adjudicated before a judge and renegotiated so they can stay in their homes, thus allowing a JUDGE to MAKE THINGS RIGHT FOR THE PEOPLE, since our SENATORS are ABOVE REPRESENTING THE INTERESTS OF THE CONSTITUENTS WHO ELECTED THEM?
So the financial institutions who made all these irresponsible investments in toxic assets and broke the eonomy are the responsible people?
This is a good example of the toxic "dog-eat-dog, everybody should be left to sink or swing on their own, winner take all, and the devil take the hindmost" philosophy that is doing tremendous damage to our economy and national welfare. The truth is that we are all in this together. When it comes to the economy no man is an island unto himslelf. The harm some suffer spills over harms the rest of society also.
For example, the wave of foreclosures depresses property values and makes the recession worse, thereby harming the entire economy.
"Ask not for who the bell tolls, it tolls for you!"
Pres. Obama must call for REPRESENTATION OF THE PEOPLE, FOR THE PEOPLE, BY THE PEOPLE. He must call upon the senate to REMEDY this egregious lack of representation as reflected in the DEFEAT of a measure that would have provided at-risk of foreclosure homeowners - the RIGHT to plea before a judge to renegotiate the terms of their mortgage.
Otherwise, if such legislation is put before him to sign, I expect him to use his ability to VETO such measures that place PROFITS OVER HUMAN SUFFERING.
Where is the CONSCIENCE in the SENATE?
Is calling these Dems "The Deceptors" an ad hominem attack?
People here are objecting to what they have done, voting No. That is not a personal attack, it is just observing the vote and that you disagree.
I think it is right to question their motives and who they are, if they are really Democrats or not.
NEW LAW
No Congress person shall take no monies out side there pay check paid by the American taxpayer
result of breaking such law . you are fired plain and simple with no retirement benefits and you visit the poky for a while
As far as I'm concerned, this is an opportunity for the president to LEAD.
He can expressly ask the senate to SUPPORT AMERICAN FAMILIES - struggling to hold onto their homes and in fear of being thrown out onto the street, who were preyed upon by predatory lending practices that THESE BANKS PROFITED FROM AT THE CONSUMERS EXPENSE.
Pres. Obama said that he was beholden to no one, but the people who elected him.
Well, here's his chance to step up front and center and prove that.
This vote by our US senate is a SHAM.
It is a travesty of justice for families on the brink of financial disaster and chaos.
No family should be faced with losing their home, and every stone should be turned to find ways to help and aid families in staying in their home.
If getting the "CREDIT FLOWING" is TRULY what this administration wants to accomplish, then START WITH FAMILIES IN FEAR OF LOSING THEIR HOMES.
Start with providing them financial relief through judicial rulings that will allow those families the opportunity to renegotiate their mortgages, PAY THEIR BILLS, and GET THE "CREDIT FLOWING" AGAIN. Stop putting PROFITS OVER PEOPLE IN SUFFERING THROUGH NO FAULT OF THEIR OWN. These people were preyed upon by the greed and vile practices that are scandalous, if not down right criminal.
Obama has been virtually silent in the bankruptcy bill debate, and he has his own reasons for such silence. I don't pretend to know what those reasons are, but he's very good at saving political capital for battles down the road even if it means sitting back and not fighting for the American people on specific issues, permitting them to lose their houses, 1.7 million houses, in this case. Or, maybe he knew that the democrats voting for the bill were in the pockets of the banks, so what good would it do to try to change their minds, especially if they've got hundreds of thousands of dollars flowing into their bank accounts from deals struck with the bankers. By the way, that money going into the Senators accounts is probably bailout money given to the bankers by our wonderful Congress and president. Wow, no wonder they voted for the bailouts!!
right on arianna. i just watched "dillinger" the movie. in the movie of public enemy no.1 there is a scene where dillinger thanks roosevelt for bailing out the banks. (circa 1933)--- that enables him to rob more banks. many banks still closed at that time. his gang of baby face nelson,pretty boy floyd, and someone else, were much more prolific than bonnie and clyde. of course we don't have the gangster era now . we have banksters. how can there be any equity? it's the end of free enterprise
thank you Arianna for naming names... now, we should all get on the asses of these Demo sell outs, and call them out for their betrayal.
some one here asked if we could recall them
does any one here know the answer to that ??
How does cramdown not violate the constitutional ban ex post facto laws and laws that interfere with contracts?
BTW, Obama and Biden received plenty of money from the bankers too.
It doesn't and it's constitutional otherwise all bankruptcy laws are unconstitutional too since in all BKs the courts "interfere" with contracts EVERY FRIGGIN DAY.
BTW, mortgage modification via the courts is allowed for 2nd, 3rd and such homes, including those necessary "vacation homes" like yachts.
There is blatant inequality in the laws here even if the small-minded can't see it.
cramdowns have been done in bankruptcy court for years for cars, mobile homes, boats and second homes, with no successful consitututional challenges.
How does cramdown not present a disparity in the law since it allows for YACHT OWNERS and SECOND, THIRD HOME OWNERS to renegotiate their mortgages - but not American families, threatened with FORECLOSURE?
THAT IS SUPPOSED TO BE CONSTITUTIONAL?
Sounds as thought that law allowing judges to use cramdown procedures for those owning more than one home is a violation of the Equal Protection Clause of the Fourteenth Amendment. Laws that conflict with the Constitution ought to be thrown out.
Anarchy is not the answer, grassroots state by state constitutional amendment is an option , petition drive? Or how about a looking at our constitution for the answer. It is right there, read and empower the citizens..
Just a thought, pick our battles wisely.
Besides writing or calling the Sell-Out Senators to tell them they were wrong about not supporting homeowners with bankruptcy reform, you also need to call your own Senators and tell them to support bankruptcy reform now and that its defeat in the senate was unacceptable behavior.
Tell them to pass consumer-friendly bankruptcy reform, cramdown and all, NOW. Here's a way to look up your two senators:
http://www
You can reach President Obama at: http://www
It's nice to know there are a few democratic Senators looking out for the taxpayers of their states and not just those with their hand outs. This bill was horribly unfair to taxpayers? As far as banks? Not sure yet, but they have not been given free money, they are loans with a capital protection. The banks are owned by people, many more than the underwater homeowners.
"DEBT, n.
An ingenious substitute for the chain and whip of the slave- driver."
Ambrose Bierce
'Devil's Dictionary'
how about how ACORN screwed homeowners when with the thuggery of their cabal of community organisers and a perverse form of affirmative action , made banks lend to any and all without regard to qualifications to pay or afford?
yea the whole thing is acorn's fault. how about you stop scapegoating one organization for the downfall of the american economy.
It's interesting that ever since you first signed up on April 21 you now have over 280 posts. All of which are meant to stir up trouble. Shouldn't you be on the Focus on the Family website or the Pat Robertson webiste? You've posted almost once per house since you ever signed up. You sure have a lot of time on your hands! Why do you want to post here? Are you trying to convert us?? Not gonna happen!
interesting observation. rwext must be on somebody's payroll.
What a bunch of balogna!
ACORN .... making BANKS.....
You have got to be joking.
The BANKS came up with their FORMULAS that they then cleverly did NOT USE, which then created the DEMAND that they BE BAILED OUT.
THE BANKS that grossly mismanaged and misled investors, and borrowers, came up with the INSTRUMENTS used to rake the consumers over the coals.
WHO ARE YOU TRYING TO KID HERE?
Before the repeal of Glass Stegeal commercial banks owned the loans they made. Once GS was repeal banks were free to package their loans and sell them off as investments. This is why banks no longer cared if the homeowner could make the monthly strokes or not. They sold the loan on so they weren't going to be the ones out the money once the homeowner defaulted.
These laws were put in place after the Great Depression to avoid this type of problem, but the Deregulating Repubs, like Gramm and Bibee repealed the laws and put in place the Banking Modernization Act. Any one who understood these laws knew what was going to happen. My econ prof predicted well over a year ago.
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