GRAVY TRAIN DERAILMENT: Another day, another 700 point crash.
Ho-hum...it couldn’t come soon enough or happen to a more deserving crew.
It’s quite interesting to see the tears streaming down the faces of stock market and real estate investors as they watch all their so-called wealth eddy down the toilet.
“Oh woe is me- all that money we ‘worked’ for years to accumulate is gone- how will retire at 50? How will we send our kids to an Ivy League college? How will we travel the world.... we had p-p-p-plans.”
But none of them mention the elephant in the room- the fact that these greedy bastards didn’t have any compunction about making all their magic money during the last 10 years doubling and tripling meager investments by sitting on their butts and doing nothing but checking the stock and real estate listing every day.
With dollar signs in their eyes they watched as they did nothing to actually earn their untold paper riches and made all their nowhere p-p-plans for nobody.
What makes them any different than a Las Vegas lunatic who was “up” an hour ago and now has lost it all including their house?
Nothing. They counted those chicken before they hatched and when they did hatch they came home to roost.
And they want us to commiserate with them because all that free money they thought they had- and of course weren’t satisfied with- is now gone?
Well our hearts pump dirty dishwater because they got exactly what they deserved.
Where do they think all their stock market money came from?
It came from sociopathic corporate CEOs who took productive enterprises and ran them into the ground just to jack up the stock price. It came from those who busted the unions, fired half the workers and halved the wages of the rest in order to keep their books looking good and then bailed out just before it was time to pay the piper.
And if you owned stock it’s likely you were complicit. But because you were getting rich off the misery of working people you didn’t care- you wanted more and more and more with no end in sight and no judgment day a’comin’.
And even more galling are the people who are now blaming the victims who were loaned more than they could ever repay for houses that were double what they were worth.
A loan is not a one sided proposition. The person taking out the loan has always taken it out with the knowledge that the person who was loaning them money thought the loan could be repaid.
Who loans money to a bad risk? Every borrower relies on the fact that the answer is “no one”.
Until recently there was an understanding that the people making loans, usually banks, wouldn’t make the loan unless they thought someone could and would repay it.
The loaner would check out your job, your bank account, your credit record and even ask you neighbors about your trustworthiness. And they checked out what you were buying to make sure that they had the security of collateral.
Tell us, when was the announcement made that the lenders were loaning any deadbeat any amount to buy overpriced houses they couldn’t afford? We certainly didn’t get the memo.
Used to be that applying for a loan was easy and getting one was a stamp of approval from the person with the money saying you were a good risk. But somehow in the past few years anyone and everyone could suddenly own their own home whether they could afford it or not.
Many were told not to worry- housing prices were going up up up and it would never go down down down. And if the “experts” were saying it, who were they to disagree?
So if you just lost you shirt in the stock market remember what you did to get that easy money- nothing except essentially steal it from the people who worked for the companies that you raided, raped and left for dead.
And those who bought “investment properties” and now find themselves owning virtually worthless property are getting exactly what they deserve.
They didn’t “make” money. Rather a delusional view of the world combined with their greed to screw themselves just as they deserved for running up the housing prices forcing working people to live on the beach or pay exorbitant rents.
For many it was either that or fall for a scam run by mortgage brokers and real estate agents to loan them money they couldn’t afford, to keep propping up the inflated prices.
But because of the wild deregulation mania of the 80’s and 90’s, by the ‘00’s they had set up a convoluted system to take the risk out of loaning money for anyone along the chain of fools.
The mortgage broker and real estate agent could take a cut and then pass on the bad debt they created to an intermediary who then sold the bad debt to a company that bought “insurance” against their own stupidity for buying them... is it any wonder AIG and the insurance companies are eating it now?
And for those who are out on their ass because they paid too much for the “pride of ownership” (what is that they say about what follows where pride goeth?), welcome back to reality. You had a good run for a couple of years. You trusted those in charge of the monetary system to know what the heck they were doing.
You’re back where you started. Your problem is simply that you “believed in” the free market, free enterprise predatory capitalism system like it was a religion, many times defending it with all your might with no rational basis.
Maybe you’ve learned something but judging by what we hear on TV news and in the newspapers, we doubt it. If you want to go down with the ship, be our guest.
It was all just there on paper anyway- easy come, easy go.
Despite the garbage some have swallowed the American Dream it is just that- a dream... which is something that is not real in case you forgot.
And each of those who created an American Dream for themselves also produced two or three others living the American Nightmare- working long hours at starvation wages so they can live in their cars in a polluted wasteland and beg at the food bank
If you’ve “lost it all” over the past few weeks- or are about to lose it in the coming weeks- welcome back to the reality you created for those who were on the losing end of all those years of your undeserved and unearned prosperity.
Those who have been on the losing end of your avaricious scams have been waiting for you.
We just wanna know what took you so long?