The Bailouts For The Rich Are Why America Is So Screwed Right Now ~ September 14, 2018

Interesting perspective on banking and housing.

roseramblesdotorg

Editor’s Note: (Thanks J!) Why are we all struggling? Read on and learn more…and…

InJoy!

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Authored by Matt Stoller via Vice.com,

Did they prevent a full-scale collapse? Yes. Was it necessary to do it the way we did? Not at all.

These guys got off pretty easy. (Photo by Scott J. Ferrell/Congressional Quarterly/Getty Images)

In 1948, the architect of the post-war American suburb, William Levitt, explained the point of the housing finance system. “No man who owns his own house and lot can be a Communist,” he said. “He has too much to do.”

It’s worth reflecting on this quote on the ten-year anniversary of the financial crisis, because it speaks to how the architects of the bailouts shaped our culture. Tim Geithner, Ben Bernanke, and Hank Paulson, the three key men in charge, basically argue that the bailouts they executed between 2007 and 2009 were unfair…

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