Politics
Out of context: Reply #11116
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"Look at about the 5-minute mark of this video — Janet Tavakoli debating Rick Santelli about predatory lending. You basically have a whole panel of CNBC goons pooh-poohing the idea that predatory lending took place, setting up the inevitable revisionist history that the 2008 crash was caused by individual homeowners borrowing beyond their means.
My favorite part of this comes roughly at the six-minute mark. Tavakoli has just deftly explained how a lot of the predatory practices worked — people with limited financial literacy were presented with long and complicated mortgage deals, and told they would have a fixed payment in perpetuity or a guaranteed re-finance, or were nailed by fraudulent appraisals. Then she mentioned the big one, the fact that investment banks then took all these mortgages and with eyes wide open securitized them and sold them off as worthy investments to suckers on the other end of the chain.
While she’s saying all this stuff, Santelli, who is one of the fathers of the Tea Party movement, is shaking his head furiously, video-scoffing at everything she’s saying. When he finally does get a chance to speak, this is what he says:
'Here’s my problem with this. It takes two to tango. You can’t cheat an honest man.'"
http://trueslant.com/matttaibbi/…
Must be the case, right SumWork. You were "set up" by your "real estate agent" and "the IRS". Yup. You were victimized. Oh well, like the leader of your Tea Party says "Can't cheat an honest man."
Must suck that you're a bum on society, eh? Takes two to tango.