February 02, 2008

HousingPANIC Quote of the Day (from a reporter no less!)

"There is a fundamental and deplorable breakdown in financial responsibility in America today. I’ve been saying it for a long time now; I’m sick and tired of everyone running to bail out borrowers who simply made irresponsible financial decisions."

- Diana Olick, CNBC, February 2008

20 comments:

Anonymous said...

I agree!

The only way we Americans can get control of the corruption in business and politics is to stop our out of control borrowing and spending on crap we can't afford!

If we do this we will take the profits out of the banks, the foreign governments and our own politicians hands and keep it in ours!

America let's come together as a nation and get control of our government by cutting out the excess and get out of debt! Fast!

Just watch the value of the U.S. dollar go up when Americans slow down the debt nonsense and begin saving our cash. Oil will come down, commodities will come down and our lifestyle will be better because we will have a strong dollar again.

Good luck folks! We can turn things around in short order if we work together.

eric in vegas said...

"The only way we Americans can get control of the corruption in business and politics is to stop our out of control borrowing and spending on crap we can't afford!"

Show me a politician that says this during an election year and I'll show you someone that won't get elected. Hopefully after November when no one has to worry about getting elected we can stop this bailout bullshit and get real with Americans.

Melker63 said...

Always blame everything on the indevidual. Nothing systemic - No, No: American values, capitalism and market-values itself is NOT to blame. [sic]

And for God sake - dont touch those tax-reductions for the rich and ultra-rich. We dont want to go down that Marxist route. [ironi] Se below link:

http://tinyurl.com/2zt55o

Can America work together as ONE and pull itself up by the bootstraps? I say: show me the signs. Three videolectures:

Elizabeth Warren, the Leo Gottlieb Professor of Law at Harvard Law School: http://tinyurl.com/38trrd

Robert Reich, former U.S. Secretary of Labor, political commentator:
http://tinyurl.com/3dykas

David M. Walker, the Comptroller General of the United States:
http://tinyurl.com/3camfl

Anonymous said...

Bailout bankers and bond insurers is ok? If the White House, Wall Street, McCain Keating-Five, Giuliani and his protege Kerik, and every other crook in power out there are nothing but a greedy mofo who don't give a damn about their own country, why should we be expecting proper behavior from the regular Joe? I say go for it and rape the country just like the GOP, the President, Halliburton, Exxon, Arabs, China, Wall Street, etc, are doing. Do you see the FBI or IRS busting all the crooks who participated in the ponzi scheme? I rest my case.

Anonymous said...

Talking about deplorable behavior...and these bankers are getting bigger bailouts without CNBC saying a word about it. Ahhh, the American way of life (and everybody is a Christian!):

CBS-4 -- Helen Alpert, 87, struggles with each step. "Do you see me walk this way? I didn't walk this way. I cannot walk, I have no balance," said Alpert.

Despite declining health, this Broward grandmother said what hurts the most is what her former stockbroker, whom she considered a part of her family, did to her.

"I loved her. She was my daughter," she said of her former broker, Doria Sabia-Florence, who worked for Merrill Lynch out of a Boca Raton office.

After Helen's husband died several years ago, the former New York teacher started wondering what happened to the hundreds of thousands of dollars her investments were losing.

At first, she thought it was just bad luck in the stock market. She never expected the call from Merrill Lynch explaining what the company thought happened.

Alpert says that when Merrill Lynch questioned the former broker she blamed it on Mr. Alpert.

"[She told them] my husband had an illicit affair after he married me and had a child out of wedlock with this person. He wanted to support this child and not let me know about it," said Alpert

Helen couldn't believe what she was hearing. She said it was all a lie.

"I couldn't accept that she should hug me and kiss me and love me and turn around to steal from me for 10 years. I would give anything in the world not to have gone through this," said Alpert.

Merrill Lynch told her it had fired the broker and paid back several hundred- thousand dollars into Helen's account.

According to this federal indictment, Helen was not alone. Sabia-Florence is charged with 17 counts of wire fraud.

She' s now filed an arbitration claim against Merrill Lynch charging they haven't returned all the money the broker allegedly took from her.

chris g said...

Diana, will you marry me?

AuAgPb said...

Show me a politician that says this during an election year and I'll show you someone that won't get elected. Hopefully after November when no one has to worry about getting elected we can stop this bailout bullshit and get real with Americans.

So very true Eric. Ron Paul is saying this and getting 3% of the vote. Unfortunately, it's always election time. This presidential campaign is going to last two full years. When this is over, it will be time for the mid-terms. Can't get anything done this way. It's broken.

Anonymous said...

I love Diana Olick!!!!!

Buzz Saw said...

I disagree, I hope they do spend a lot on bail outs. The system is way past fixing, let them go to hell.

Toby said...

All this talk of bailout is political hogwash. Remember Bush and his bailout plan. Turns out that maybe 100 people qualify for it. Sure, there will be high profile prosecutions of predatory lenders. A few frog marches, but nothing approaching a bailout.

Just for the record the S&L fiasco of the 1980's was NOT a bailout. Only depositors got their money back, as they should have. Stockholders, bondholders and mortgage holders got wiped out. The RTC (resolution trust corp) took over all the assets to get back some of the money paid to depositors. In the end it was not as bad, $150 billion over eight years. That's a couple weeks worth of pork barrel projects for the current Congress.

SeattleMoose said...

No surprise really. Our government, the financial sector, and flippers/infestors are all cut from the same sleezy "lets make a fast buck" cloth.

They have zero vision, they cannot see more than one step ahead of where they walk.

This is just a case of "birds of a feather".

edd said...

Whatever fault & penalties might
accrue at this point, deregulation and self-regulation have often been
political power plays (in our
purchased government), leading to
increasing disaster.

And then there's informed neglect.
CNBC's Gasparino chews on former
SEC chairman Ruder in the last half
of http://tinyurl.com/ysjgbw

Anonymous said...

The time has come to incentivize saving instead of spending. Make savings account interest exempt from income taxes and eliminate/reduce the tax deduction for mortgage interest. That will push people to purchase a more conservative home and save their money instead of getting the biggest home possible and saving nothing.

Anonymous said...

Vote with a bullet.

edd said...

" Anonymous said ...
Vote with a bullet.
February 02, 2008 6:02 PM "
...................

I want to thank you for
informing me with your thought, and improving my self-image.

Sirhan voted; Booth voted;
Hoffa-Marcello voted; Bremer voted.
Is this your aspiration ?

Anonymous said...

Notice the two most popular candidates are calling for a full bailout of speculators and flippers and Wall Street - Hitlary and Osama.

Anonymous said...

She must be one of those cold-blooded rightwing nutcases. Personal responsibility doesn't have a place in today's society. We have to blame the system for individual crimes. Nevermind that the vast majority of people did not commit these crimes, it is still the system's fault.

Anonymous said...

It's easier to blame the system. It is a faceless thing that cannot defend itself. It could be the boogeyman.

The System made me do it.
The Man made me do it.
The Devil made me do it.

The system has laws and regulations to prevent these things from happening. It is individuals who broke those laws and failed to enforce those laws.

Anonymous said...

Diana Olick:

what a babe

NOVA said...

Do you see the FBI or IRS busting all the crooks who participated in the ponzi scheme? I rest my case.

"FBI investigating 14 companies for mortgage fraud"

I guess I'm not completely jaded yet.