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View Diary: Race Baiting And The Mortgage Crisis by Gretchen Morgenson (12 comments)

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  •  I looked at the other side of this... (0+ / 0-)

    ...in my (fiction) book:
    (Another impromptu Tea Party gathering in the coffee shop, where poor folks are blamed for the housing crisis, the 'free market' is invoked yet again, and Seth, my protagonist, can't take it any more):

    "…do you really believe the market will solve all our problems?  What the fuck does that even mean?  First of all, the marketplace is what made the banks froth up and just approve everybody.  You think they made those loans for free?  Pro-bono?  Outta the goodness of their bleeding fucking hearts?  You know how many executives made fortunes just along that chain, that one little slice of an industry?  One fucking tiny tranche?’  I wasn’t waiting for an answer.  ‘One bank competes against another, and one makes the loans and makes a nice short-term profit, and so their competitor does the same, and so on and so on…and thus, our great American marketplace, with all its competition, drove the process into a frenzy.’  Rom tried to cut in, but, I continued quickly, ‘And they all got paid, though, and so the good news is they spent their middle class money and upper middle class money in their local stores, and that kept-’
    ‘-Oh shut the fuck up about your fucking multiplier bullshit again!  Here, Seth, lemme buy a cup of coffee and save the U.S. economy!  Here, take my 75cents, lemme buy a donut so I can save the world!  I’m fucking Superman!!!’  Rom finally got in a wedge-word, and now he wasn’t going to stop spewing.  ‘You and your elitist goddamned multiplier!!!'  "

    Aldus Shrugged : The antidote to Ayn Rand.

    by Floyd Blue on Tue Jun 12, 2012 at 12:43:00 PM PDT

    •  I always figured... (0+ / 0-)

      ....the multiplier is like climate change.  The repubs and tea guzzlers simply don't believe in it.  (Forget the fact that it is fact.)

      Hearing the GOP response to Pelosi talking about how unemployment comp actually spurs the economy through the multiplier effect (ie:  the non-rich actually spend every bit of their money in their local stores), made me sick to my stomach.

      Aldus Shrugged : The antidote to Ayn Rand.

      by Floyd Blue on Tue Jun 12, 2012 at 12:46:57 PM PDT

      [ Parent ]

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