… because even though this post is loan-related, it definitely doesn’t belong on the company’s web site.
Senator Charles Schumer, you’re an idiot. Specifically, you’re an idiot for proposing legislation that will provide a bailout for homeowners facing foreclosure, according to the Washington Post.
“We will be proposing significant amounts of dollars,” Schumer told reporters after being asked if a large federal bailout may be needed.
More from your colleagues:
“We’ve heard one heartbreaking story after another of borrowers with limited incomes being sold mortgages they could not afford,” Sen. Sherrod Brown, D-Ohio, said at a briefing on Capitol Hill.
Full stop. Reality would like to have a word with you, then possibly bitchslap you. Unless a mortgage broker forged a signature on a loan document, the borrower signed for the mortgage. If they didn’t sign for it, then that’s fraud and they’re not liable for a penny of the debt. If they did sign it, but didn’t understand what they were signing, that’s not fraud, that’s stupidity.
Lesson the first: never sign something you don’t understand. Ever.
Sen. Christopher Dodd, D-Conn, said he would call for a summit on Capitol Hill soon “to try to work out a process for providing relief to homeowners.”
Senator Dodd, you’re added to the list of idiots.
Why? Because when you execute a bailout on bad debts, guess who gets the money? Not the homeowner. Not the poor grandmother and the other sob stories you’re trotting out. The banks get the money. You’re essentially proposing to funnel a billion or so dollars straight to the loan portfolios of Citibank, Wells Fargo, Chase Manhattan, and other lenders, and I’m sure they’re very happy with your idea. In fact, I’d be willing to wager that they’ll repay the favor with some campaign funds.
Wait, let’s go check.
CHARLES E. SCHUMER (D-NY) Top Industries The top industries supporting Charles E. Schumer are: 1 Securities & Investment 2,507,200 2 Lawyers/Law Firms2,009,721 3 Real Estate 1,529,498 4 Commercial Banks549,249 5 Misc Finance $534,248
And for some names…
CHARLES E. SCHUMER (D-NY) Top Contributors 1 JP Morgan Chase & Co 129,800 2 Merrill Lynch127,000 3 Bear Stearns 126,400 4 Citigroup Inc111,550 5 Morgan Stanley $109,500
I call bullshit on you and your bailout of your financiers. This is payola, plain and simple, disguised as an appeal to a middle class who won’t see a dollar of your proposed aid to them – but they’ll pay it out in higher taxes. What about you, Senator Dodd?
CHRISTOPHER J. DODD (D-CT) Top Industries The top industries supporting Christopher J. Dodd are: 1 Securities & Investment 1,552,013 2 Lawyers/Law Firms749,472 3 Insurance 697,458 4 Real Estate504,941 5 Commercial Banks $403,700
Again, I call bullshit, but let’s dig once more…
CHRISTOPHER J. DODD (D-CT) Top Contributors 1 Citigroup Inc 196,550 2 Bear Stearns186,350 3 United Technologies 157,950 4 American International Group121,378 5 St Paul Travelers Companies $105,800
Nice to see your legislation will fatten the profits of your supporters at the expense of my wallet.
Go take a long walk off a short pier. If you ever wondered why America doesn’t trust you, this is why. Payola sucks, no matter how you slice it. I swear, I’m going to find that C-SPAN video of your speech on the Senate floor and put a big-ass “This appeal for more government misuse of tax dollars is brought you you by these fine banks which would like some free money…”