Young people in America weren’t the architects of the economic downturn in this country. We didn’t invent mortgage-backed securities or adjustable-rate mortgages, didn’t loan money to risky borrowers on the assumption that housing prices would continue to rise, didn’t allow for the creation of a…
Atelier Mecanic by Corvin Cristian
Owen’s Frozen Food Locker, Pine Bluff, Alaska, 2010
According to a Roll Call analysis of Congress members’ financial disclosure forms, the collective net worth of American lawmakers jumped 25 percent to over $2 billion in just the last two years — with 50 of the richest Congressmen and women accounting for 90 percent of the increase.
EAMES: The Architect and The Painter
Very excited for this.
When was the last time the government stepped into help you “avoid losses you might otherwise suffer?” But that’s the reality we live in. When Joe Homeowner bought too much house, essentially betting that home prices would go up, and losing his bet when they dropped, he was an irresponsible putz who shouldn’t whine about being put on the street.
But when banks bet billions on a firm like AIG that was heavily invested in mortgages, they were making the same bet that Joe Homeowner made, leaving themselves hugely exposed to a sudden drop in home prices. But instead of being asked to “suck it in and cope” when that bet failed, the banks instead went straight to Washington for a bailout — and got it.- Taibbi