Arianna On "Countdown," Discusses How Dem Senators Screwed Homeowners

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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Comments

[Foohog]

I would go even further: in addition to putting a mortgage within the purview of a bankruptcy judge (along with student loans) I would set up a loan program in the federal government. It could be almost totally automated with almost no overhead, the payback could done by automatically increasing payroll taxes to cover the principle and whatever overhead there is. It would be a program involving loans administered by the government, no thirds party contractors ever.

If you making at least minimum wage you could borrow up to $50k for twenty years. This way, a person could borrow fifty grand for a house and over twenty years pay back enough ($50 a week would do it) that the taxpayer actually makes enough to cover their cost and first-time homeowners, student borrowers, etc would no longer have to deal with the compounded interest that is at the heart of the housing crisis.

The economy would actually grow from building stuff to sell to middle-class purchasers, not moving money from the bottom 90%+ of the economic ladder to the top few.

Just a thought

[hgovernick]

It's a good thought FooHog. The only downside is that any loan program set up in the federal government still depends on money created by the Federal Reserve and its member banks, lent to the government at interest.

[smiththomas]

there is anger toward the banks for taking risk that produced the crisis and now there is anger towards the banks for not taking risk. this does not make sense

[aaronr2000]

The anger is for them taking all the WRONG risks. Hedging bets that the housing bubble will never burst and as a result getting up to their eyeballs in credit default swaps while exploiting subprime loans is BAD! Giving home owners a break with the backing of the US government is GOOD. THe problem is the former padded their pockets while the latter makes them put skin in the game. They think they're too special to feel economic down turn like the rest of us.

[DBtv]

There was no risk to the banks as they knew they would repackage and resell the risk to suckers. It was lawless, ethics-less greed that brought the banks down.

[LeftCoastLarry]

How do you figure. No one is asking the banks to take risks.
Another right-wing non sequitur?

[o4tuna]

That statement is an oversimplification of the issues.

[JBL70]

The banks committed widespread and numerous FRAUD in order to inflate the market and reap huge PROFITS...­it almost destroyed the entire financial system. They won't risk their own profits though to allow passage of legislation that would help average homeowners.

[wikwox]

Delawares Tom Carper voted against and I will call his office. A clerk will patiently listen, take my name and address and a month later a carefully written letter will arrive that nicely denies Carper is a lacky of big banks and the banking industry in general. Hardley Democracy in action but I will do my bit.
Yes, we've been betrayed, yes, they will do it again.

[Kat Mc]

Pay attention folks and see how it works.

Different dems vote nay on different bills. That way there's never any dem to blame for all but the blame is spread out. They all have a pretty good voting record but if you pay attention you'll see, it's all just a shell game.

Their records are just good enough for EVERY ONE of them to say come campaign time------*i'm for the little people*.

[veracity]

Woo-hoo!

America now has a NEW "white whale" to obsess about - THE BANKERS who WANT to EVICT us, JACK-UP our credit-card interest rates, RUIN our credit, BUY and OWN our congress, and in general smash-heads & ENSLAVE anyone who gets in the way of their "we own the world" raw greed.

And, yes, as Arianna points out, that includes OBAMA's OWN BANKSTERS, Robt Rubin, Lawrence Summers, RAHM EMANUEL - who are all three, predictably, ACTING LIKE JOE LIEBERMAN, "the Senator" not just "from Israel", but THE Senator FROM the INSURANCE STATE, and FOR the NY bankers & Delaware CREDIT-CARD EXTORTIONISTS, et al.

Loved it when Arianna said
"The President Says 'HE DOES NOT HAVE A BUTTON TO PUSH to MAKE the bankers do what he wants' - YES HE DOES, have that button, for sure CITI and BankofAmerica WOULD NOT BE AROUND today if not for the BAILOUTS that Obama voted for & supported.­"

YES, president obama's FAILURE to STAND UP FOR THE DURBIN BILL, IN ADVANCE, was an act of POLITICAL CORRUPTION AND COWARDICE.

And I am SPITTING MAD that MY choice in American politics is between "'Democrat' Goldman-Sachs banksters" (rubin, summers, gensler, OBAMA, EMANUEL) and REPUBLICAN goldman-sachs/phil gramm DEREGULATION banksters, Hank Paulson, TIMMY GEITHNER, (et al) !!

[sokolof]

You said, "And I am SPITTING MAD that MY choice in American politics is between "'Democrat' Goldman-Sachs banksters" (rubin, summers, gensler, OBAMA, EMANUEL) and REPUBLICAN goldman-sachs/phil gramm DEREGULATION banksters, Hank Paulson, TIMMY GEITHNER, (et al) !!"

You are so right. The democrats have become the lesser of 2 evils. Americans can demand change. As someone said above, look at the voting records of these congress and senate people. I am sure by disguising that democrats are more moderate but they use that name to vote on bills that hurts the public. It is up to us to demand our state and community not to vote for these people.

[veracity]

oops! poor choice of word - this would sound better, and be more accurate:
"the president's failure to stand up for the Durbin bill, in advance, was an act of POLITICAL CORRUPTION and SUPREME ARROGANCE"

no doubt about it, President Obama had to be courageous to run for office, in a land where even popular WHITE presidents (Reagan, Ford) get shot at.

but the larger notion - that Pres. Obama is being INTENTIONALLY DECEITFUL in saying "there is nothing I can do about the Conserva-Dems shooting down the Durbin Mortgage Relief Reform bill" - still stands.

[willt7311]

The other day Nancy Pelosi was talking about how the country doesn't really need the republican party then she went on to say the democrat party was full of differing ideas. She continued by saying that they all weren't lock step on the same policies.

That is obvious.

[demomntgirl]

As a democrat..­.this infuriates me!
All dems and gopers that vote against the interest of THE PEOPLE...
should be called out.
And any adiministration members that are giving the bankers and wall street a pass....
and baliout after bailout...­.goes onto the President.
And as Democrat I am waiting for his response to VOTE....
and the CHANGE he promised us when it came to LOBBYISTS running our nation!!

President Obama????
What have you to say about our fellow dems voting for the big banks who lines their pockets???
Where is your outrage??
Where are you standing up for the PEOPLE that you made PROMISES TO???

[sokolof]

I am not sure if Obama is going along with this. Because there might be resistance against him from democrats and republicans that he is forced to be swayed otherwise consider the consequences of being set up by both parties to restore another conservative president. For instance, the Clinton's to me are one in the same Republicans despite they have slight differences. They seem moderate in public but they do things that republicans do such as the free market, NAFTA, etc.for instance Biden supported Credit Card companies for so long.

There is such belief around the democrats and republicans about People's responsibility and accountability therefore if they follow that they need to be punished but the officials don't have to punish credit card companies, bankers, corporations for their vicious marketing and indirectly forcing people to take debts, etc.

[americanrevolution]

ARIANNA!!!! 2012

[rbchilds]

Can't happen she was born in Greece.

[sokolof]

I don't know if she can run because she may not have been born here in the U.S like Schwarzenegger.

[Bill Lorch]

I'm a believer in letting them fail. Now that said I think the good people of PA need to elect the Retired Adm. What they were thinking wen they took on a loser like Specter is far beyond my ability to think. I can say that as a Cancer survior an that has nothing to do with what is going on with guy so far he has voted against his new found party , Toss him Lincoln an the Nelson guy out on there ear Think about it what is the diff between them an a repb.? Either replace them or give the seats to republicans or they can vote like democrats .

[northstar11]

''THE AMERICAN PEOPLE ARE GOING TO BE OUTRAGED"""

yes they will be ---the bankers know it --the politician puppets know it

they have already asked and answered the question '' WHAT ARE THEY GOING TO DO ABOUT IT?"

elect republicans???

[MinnesotaProud]

I may vote against my Dem Senator BECAUSE she voted for this ridiculous amendment! So many of you are advocating against the 95% of homeowners who are struggling to pay our mortgages and doing it by being responsible! I refuse to sit back and watch irresponsible homeowners who bought what they never could afford get their mortgages lowered to market value just because they go into bankruptcy court. I still have to pay my mortgage that is based on the original selling price and YES, IS UNDERWATER!!! But they do not! It is RIDICULOUS! When will my loan be lowered to match the market value?? Answer-NEVER! These people need to take responsibility and either rent a house or find a house they can actually afford! I voted for Obama because he sees the big picture! Most of you do not!

[Kahill]

Although I am not totally opposed to what the banks are currently doing, it makes my blood boil to see us continue to pour our money into the banks/financial institutions who have deliberately and willfully gamed the system for their own personal gains. I have spent a bit of time lately understanding what has been going on in the financial sector. The predatory lending practices, the absolutely out-of-control financial instruments (CDOs, CDSs, etc), the unethical rating agencies (Moodys, S&P, etc,), are just a few in the chain of a completely free-for-all gluttonous excess perpetrated by this industry. And we keep funneling billions of dollars into them so that they can keep spending it on lobbyists, PR agents, executive bonuses, and lord knows what else. When will this outrage stop, and will anyone of these selfish and shameless participants ever pay for it?

[Kat Mc]

Won't stop until ALL of Congress is tossed and only them might someone pay.

[hgovernick]

I agree Kat Mc. ALL of Congress should be tossed.

[LHoney]

I believe it will stop when the victims have nothing left to give and I'm afraid we are almost there now...

[hgovernick]

LHoney... you're right on the money.

[lovesds]

Hell the democrats in congress don't listen to the prez, hell half of them are against them. It was up to the voters to go after their senators to pass the bill. Like Keith said name the names and print how much each got from the banks and which banks. Embrass their asses. These so called moderates in the democratic party are really republicans. Stop blaming the prez and put the blame where it goes on your damn congress people.

[WritusMaximus]

Arianna, you just started your attack on President Obama! You practically called him a liar/coward when you said that while Obama claims he cannot influence the banks' decisions, that President Obama has leverage to use on them banks---the billion$ Obama has authorized.

The Huffington Post is now officially anti Obama. This is a head-spinning change, for it has come before the first anniversary of the Obama administration.

Arianna, you are a true INDEPENDENT! No bias, no bull! The TRUTH is for all!
You go, girl!

[Kat Mc]

YAAAAAAAAA­AAAAAAAAAA­AAAAAAY!

[hgovernick]

WritusMaximus - Arianna is wrong. Just exactly what leverage does Obama have to influence bankers' decisions? How in reality can he withhold from them the money which they in fact print? The U.S. doesn't print its own money. It borrows it from the Federal Reserve, which is comprised of a group of privately owned central banks, then pays it back with interest.

In other words, we are borrowing the money from bankers to bail the bankers out. If we don't bail them out, they won't be there to print more money for us, but we'll still have to pay back the debt we owe them. Confused yet? Don't worry. It only gets worse.

[georgewetherill]

Im not a big Olbermann fan but i must say BRAVO Kieth!

[timnel]

I am not either but he has been on a roll lately I think he realized that alot of Dems are just as much in the tank as repubs for the policies he cares about so I hope he keeps up the good work

[jaschrod]

The basic problem why people are losing their homes, is they tried to buy more than they could afford. Now, did the banks make that easy for them? Yes they did. Still the real problem is that people today think they are entitled to start at the top rather than buy small, and work your way up like we used to do. I built three homes before I could afford the one I really wanted. I started small, sold built, a little larger, sold, and built the one I wanted. I have since down sized to a much lesser home. It is not what I truly enjoy, but I am not in financial trouble either. I am sure people who cannot afford what they have drive by thinking, these poor unsuccessful people. I find it funny how people define success, but living from pay day to pay day is not how I define success, nor being in hock for a new vehicle.

[americanrevolution]

The real issue is that many of those mortages exceed the current market value of these Mortagee's homes.

As in my own case. I am able to make my monthly payments on my mortage but my mortage is 30% more than the current market value of my house.

As I am sure is the with many of those 1.6 million debtors who could benifit by having their mortages reassessed by a responsable Federal Bankruptcy Court.

[mainemomma]

But not all people are like you. There have been countless examples of regular folks that bought a home, and the lender ( or mortgage broker) flat out lied to get them qualified. A few years ago, I called one of these companies just to check out these 'zero interest loan' products. This was just for a refi. I was hassled beyond belief and was told everything from that I was rich, beautiful and thin. ( none of which were true!).
So, if you are an average joe/jane..­. wanting to live in a house and you see the prices continue to skyrocket ( for homes) you may have believed what you were being told.. and signed on the bottom line.

I am happy that you are financally whole, but the banks played a role in making a lot of other folks not whole. I agree with Arianna, we need to go after the senators that are in the pockets of the banks.. and show them who is really in charge.

[gm32794]

Your premise that the housing crisis was caused by individuals buying more home than they could afford is too simplistic. What about lost jobs or lost income? When I bought my house I had no problem making the payments. I had a fixed mortgage at 6.5% so knew what my payments were going to be.Then the economy tanked, and along with it went 1/3 of my income. There was no way I could have forseen that.. Number 2, I got sick and had to have surgery. Because of the medical insurance crisis I have paid some $2500 to doctors and hospitals out of my pocket. Number 3, the state of Florida raises the assessed value of one's home by 3% every year. So, when the real estate market collapsed and I was under water by almost 80k, the state raised my property taxes. The assessed value of my house is nearly as high as the market value, and next year Florida will raise my taxes again. Finally, the company I work for gave everyone a flat 2% pay increase this year. At the same time, it downgraded my health insurance. Don't get me wrong, I am glad to have the increase, but it doesn't keep up with inflation and my medical bills.
This is just my story. A lot of other people are in the same boat for other reasons they cannot control. Your statement, unfortunately, makes a general, sweeping statement that doesn't come close to reality.

[veracity]

That's an entirely too believable story, sad to say.

Unfortunately, Floridians bear much of the blame. Many of today's Floridians came down to Florida in droves over past 2 decades, many of them retirees bringing their UNION PENSIONS, benefits, healthCare, SOCIAL SECURITY, & other GOVERNMENT funded programs with them
(FDIC insuring their "private" savings & bank accounts; SEC oversight of financial markets, GI bill & college aid, etc.)
- - - - - and that doesn't even include those Florida residents who worked for GOVERNMENT jobs & contracts, whether private contractors (military-defense contractors, federal road & highway jobs, etc.) or directly for the government
(example Florida's NASA KennedySpaceCenter - a JEWEL of prestige & good jobs for Florida for FIVE DECADES!)
Needless to say, DESPITE those GOVERNMENT DOLLARS in their PENSIONS, EDUCATION, JOBS, & financial security - MILLIONS of self-righteous "moral values" Florida voters STARTED VOTING REPUBLICAN !!
And gave JEBBY BUSH & the Republican wrecking crew a FREE PASS (for Jeb's financial corruption) when (after Gov. Lawton Chiles passed away), Jeb handily defeated Lawton's hapless heir, LtGov. Buddy McKay.

THAT was the PRELUDE to Republican engineered HUGE DEFICITS being "VERBOTTEN!" for discussion in Florida "news" papers - CENSORED!
THAT was the PRELUDE to STOLEN ELECTION 2000.
THAT was the PRELUDE to this current "DEREGULATION" economic crisis, a verbatim (but bigger) repeat of the Phil GRAMM "DEREGULATION"/Bush Sr. DEFICIT SPENDING RECESSION & S&L crisis of late 1980s-1990s.

Even today, Florida's State House is a cesspit of blatant Rethuglican/AND Democrat CORRUPTION,

[LiberalDemIda]

Ohhh... ::slaps heel of hand against forehead:: per your opinion, it's the greed by homeowners NOT the unregulated, honest, conscientious banks that practiced fair business tactics, that's the problem here.

Got it.

[neoconumb]

You don't know what you're talking about. I live in a neighborhood of 20 households where most of the houses were bought during or near the peak of the housing bubble at an average purchase price of around $380,000. Most people in our neighborhood, like me and my wife, put down large deposits ($100,000 or more) on our houses and the houses were financed with very conservative fixed priced terms. The problem for 3 of my neighbors wasn't that they bought more that they could afford (they didn't) and were living from pay day to pay day (they weren't). The problem was that they lost the major income producers of their household because of job layoffs.

You think that simply because you've been conservative and have made it through the crisis so far, that that means people having these problems are just irresponsible. The last 2 sentences of your post show that you have some sort of ax to grind. Grow up.

Your response also seems to ignore the point of the article; the banking industry is not serving the people and they are paying off congress to also not serve the people. But I guess when you've got an ax to grind everything else is just irrelevant, right?