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Wednesday, April 21, 2010

Bailing on the West Side

Gee, Officer Krupke, we're very upset;
We never had the love that ev'ry child oughta get.
We ain't no delinquents,
We're misunderstood.
Deep down inside us there is good!

With regards to Stephen Sondheim and Leonard Bernstein. You gotta love West Side Story.

But I kept hearing "Gee, Officer Krupke" while I was watching the news and listening to how the Obama Gubmint now want to further regulate banks and lending WITHOUT adding in Sallie and Freddie. That's like treating Gonorrhea without using antibiotics while dancing around and saying you don't need no stinkin' condoms.

It's all because the poor lenders are just misunderstood. So what if they gave loans to people who never should have gotten a dime from a reputable mortgage company or bank, and then sold the overinflated, overvalued things five times over until the whole house of cards came tumbling down. And in the aftermath, while we, the taxpayers are cleaning up their debris, they are crying, hands out, how it isn't their fault.


It IS your fault because you let greed guide you instead of crying out that it was wrong and you wouldn't have any part of it. The moment you gave that first loan on an over-appraised home to people who you KNEW would never be able to repay that loan, then sold that loan to someone else, knowing that they would never recoup their loss, YOU became part of that problem and you have EVERYTHING to do with it.

As I pointed out in my essay on the Morality of Capitalism, greed is anti-capitalism. It's something for nothing, a free lunch. The moment the folks in the real estate market decided amongst themselves to over-value property and then sell the loan they knew was bad to someone else so they would have no risk, they entered the criminal element and no amount of psychology or sociology will ever excuse that greed.

As I see people on TV and in news stories crying because they have no home... PUH-LEEZE! You knew you were getting a loan for a home you couldn't afford and could never pay back. You took a gamble on a variable rate loan and now you're crying because you rolled craps and got Snake Eyes. Suck it the hell up, you freakin' whining sissy. Now you want Momma Obama to bail you out. STFU! I pay my mortgage every month, on time and pay a little up so I can pay it off early. I went to a real bank, got a real appraisal of the property and negotiated a loan that I knew I could repay. Now I should bail YOU out because I did the right thing? Screw you, whiner. Go live in the rental trailer you deserve. People like you should be quarantined from the rest of working society and sterilized so you don't pass your stupid genes on to the next generation.

Everyone was so happy because they thought they were getting a free ride. The people who got the loans got houses they knew they didn't deserve. The bankers sold loans to others they knew were no good and thus rid themselves of a known liability. The mortgage brokers thought they would clean up by raising interest rates and foreclosing and re-selling over-valued housing. It all caught up with every single one of you and bit you in the ass. And then, you expected all of us, the people who pay our bills, who do the right thing, to bail your asses out of the leaky boat YOU chose to get in.

Here is a thimble. See? I've helped. Get yourself out of your own problem. If you don't help yourself, why should I bother?

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