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Joined 2 years ago
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Cake day: June 14th, 2023

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  • Obama was pretty decent no?

    How Obama Destroyed Black Wealth

    Neil Barofsky, the bailout inspector general, later testified that protecting the banks was the actual goal. The administration’s aim was to “foam the runway” for the banks, as Barofsky witnessed Tim Geithner tell Elizabeth Warren. HAMP failed, in other words, because it was not designed to help homeowners.

    As a result, in many cases HAMP actively enabled foreclosure. Its re-default rate — the fraction of people who got a modification and later defaulted out of the program — was 22 percent as of 2013. Only about $15 billion of the original $75 billion appropriation was spent by mid-2016.

    Out of an initial promised 4 million mortgage modifications — itself a drastic underestimate — by the end of 2016 only 2.7 million had even been started. Out of that number, only 1.7 million made it to permanent modification, and of those, 558,000 eventually washed out of the program.

    Former Wells Fargo employees later testified that the bank deliberately tricked middle-class black families (who they called “mud people”) into subprime “ghetto loans.” Overall, a Center for Responsible Lending study found that from 2004 to 2008, 6.2 percent of white borrowers with a credit score of 660 and up got subprime mortgages, while 19.3 percent of such Latino borrowers and 21.4 percent of black borrowers did.

    The effects of the foreclosure disaster are starkly apparent in Survey of Consumer Finances data. To start, the homeownership national rate shows a marked decline over almost the whole Obama presidency, reaching the lowest rate since 1965 (before slightly rebounding).


  • I really want to say Bush’s useless Trillion dollar wars are worse than this.

    I would say Bush’s bailout of the O&G sector in '01 and the Financial Sector in '08 laid the seeds for worse social and ecological conditions over the subsequent two decades. Similarly, NAFTA and the subsequent midwestern de-industrialization was nightmarish for US industry and Mexican agriculture.

    These blunders set us up to need international trade. What’s crazy about Trump’s tariffs is that he’s not addressing the underlying infrastructure problems or the crushing post-Great Recession debt traps. He’s just squeezing at the point of the supply chain in order to punish American industry and labor for adapting to the sabotaged economic landscape of the neoliberal era.

    It is the economic equivalent of kicking a guy in the kidneys after he’s already been laid out on the ground.










  • So me invading your home with a weapon and threatening to kill your family, you would just let it happen?

    Obviously not. I’d hand my young son, with no combat experience, a rifle and send him out to meet you. And when you shot him, I’d send my next son, who is even younger and easier to kill. And then I’d send my infant daughter, with a grenade tapped to her chest. And then I’d send my neighbors and my neighbors’ kids and their neighbors and their kids, until everyone on the block was dead.

    And if one of them finally got you, I would consider all that bloodshed worth it. Because now we’ve secured the most important thing in the entire world - private property.

    And if none of them got you, and you were still camped out on my lawn, I’d blame the Woke Leftists, the Transgenders, and the Jews for my defeat, because they caved to Russian propaganda when one more salvo would have done it.