More important, what's missing in the conversation, is that we the people need to get wiser about our finances. Many people haven't owned up to the fact that they bought a house they couldn't afford, that they accepted a mortgage they didn't understand. When a mortgage banker says you don't need to show proof of income, that should be a warning siren. Then there were people who used their home like a bank to buy more, more, more. Bigger car, bigger TV....
As for those who signed up with Bernie Madoff out of trust?
Madoff was giving investors unheard of returns. Hello.
We need to understand basic finances and an understanding of economics couldn't hurt either. Perhaps both should be taught in elementary school.
If we the people understand finances, then Wall Street can't take advantage of us, mortgage brokers can't sell you a mortgage you can't pay for.
We the people are the primary reason for the recession--subprime loans (people with houses they couldn't afford), which were turned into fancy financial documents and sold off in pieces for zero accountability, went sour. That led to job losses and a global meltdown of financial systems and a viscous circle of job losses, home foreclosure, job losses home foreclosure, which is why the stimulus was put into place.
Moore says we should take our money out of the banks that received TARP. That's a good idea except for the fact nearly ALL of the banks received TARP funds. People don't understand that banks had phony money on their books because of the bad mortgages. They couldn't do business.
The Morning Joe crew moves on to the Baucus bill. I don't know why anyone is still debating the Baucus bill. That's not the final bill. Moore says the bill is worse than nothing. If the final bill makes health insurance affordable for more people, without significantly raising premiums on everyone else, it will be worth it. Then, it can be built on.
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