What do you think about SNL blaming Americans for the "mortgage crisis" and the bank bailout? ?

I can't believe this entire disaster, the free marketeers want nothing to do with the hand that feeds them now that the check has cleared, or want to be seen as somehow willing to have incurred some regulation if only evil Congress hadn't stopped them.

Maybe if we fork over ANOTHER few hundred billion dollars so that programs like "flip that house" and "make money with little or no money down" and "0 principal mortgages" or "800 dollar a month mortgages on 500,000" houses are sound financial instruments - again.

Or perhaps a non-trivial percentage of the population needs to grow up and get a job, is it everyone, that screwed up. NOT HARDLY, but it wasn't just "a few bad apples" either.

The economy is in serious trouble, and it's NOT the fault of the responsible lenders, borrowers or the average taxpayer, business owner or jobholder/seeker.

It's because the easy money and free-market, zero regulation scam artists sold their BS on Wall Street, and traders do, what they always do, and run stuff up , until someone asks them to actually turn their heads and cough.

When someone finally asked, guess what, the Wall Street guys had NO GAME, and we all got stuck bailing them out.

So next time some yahoo comes along and says charitable things about the free-market in the absence of any regulation, I'll just ask them to cough up their 20,000 dollar piece of the pie.

As far as it being "America's fault". Nobody - not President Bush, or either of the candidates wanted to properly regulate the marketplace or strenuously enforce existing regulations on the marketplace, and the first national bank of Japan or China wasn't lending crappy mortgages out to everyone with a pulse and a 620 credit rating, Nationwide, Bank of America and Washington Mutual were, all backed by American International Group, not to put too fine a point on it.

Worst part is, even with the bailout, WE STILL won't be properly regulating the marketplace.

So if everyone political is so freaking gung-ho and ready to suggest that that they had such a good idea, if only everyone had listened to "me" back then.

There is good news, there are still trillion dollar regulatory problems awaiting strong leadership in Washington to be found on Wall Street, which require your strong endorsement and advocacy. To say nothing of radically containing and curtailing the national spending of the government itself.

If you mention that, I suspect you would find not alot of volunteers.

Honey.. Saturday Night Live is a comedy show.. So is MadTV..

They say all sorts of crazy stuff. Don't take it personally. It's their job to step outside the line and say what they want. It's for entertainment purposes only.

If anything you should be pissed that they said Mary Poppins has an STD and she gave it to the chimey cleaner and cop.

Just wanted to add... Seth Meyer on Weekend Update said OJ was convicted of armed robbery, kidnapping and..... murder.. I'm sure this pissed off a lot of people also. I laughed because it was a joke and it was funny.

ps.. I can tell you from personal experience. Countrywide mortgage brokers came knocking on my door when my apartment complex was getting converted into condos and offered me a loan. I told them I couldn't afford it and they guaranteed they could get me a loan regardless of my income or credit score. They wanted the commission and said whatever it would take to get me to fall for it. Luckily I was smart enough to say no and close the door on them. Unfortunaltly some of my neighbors didn't and took out mortgages in hopes of having the American Dream. I know at least 2-3 that are in foreclosure now because they couldn't afford it. The worst part. The condos sold for $260,000 and just recently, the same condos are now listed on Craigslist and other Realty sites for a mear $90,000.. Same goes for credit cards.. If banking was so perfect, we'd all have spotless credit.

I believe the banks should all go under for their mistakes. The bailout is a disgrace and an embarrassment to this country.

Well, the banks, Freddie Mac and Fannie Mae, and investment banks have caused the bulk of this mess. They sold all these mortgage backed securities all over the world. Even Japan and China invested in Freddie and Frannie, and that's why the feds had to take them over because they couldn't stiff their biggest creditors.

The also used these financial time bombs called derivatives.

What are Derivatives?

"Derivatives are financial instruments that have no intrinsic value, but derive their value from something else. They hedge the risk of owning things that are subject to unexpected price fluctuations, e.g. foreign currencies, bushels of wheat, stocks and government bonds. There are two main types: futures, or contracts for future delivery at a specified price, and options that give one party the opportunity to buy from or sell to the other side at a prearranged price."

"The job of a derivatives trader is like that of a bookie once removed, taking bets on people making bets."

This is what a senior economist from the Dallas Federal Reserve bank said about derivatives ten years ago, in 1997.

"Those who oppose financial derivatives fear a financial disaster of tremendous proportions--a disaster that could paralyze the world's financial markets and force governments to intervene to restore stability and prevent massive economic collapse, all at taxpayers' expense."

This is exactly what happened.

The feds had to save AIG because if AIG went under, the whole world Market could possibly collapse because of insurance derivatives. AIG owns 20% of China's largest casualty insurance company, underwrites over one million insurance policies in Australia, has 2.2 million policies in Hong Kong, they own the biggest insurance company in the Philippines, they have large holdings in Singapore and Europe,and holdings all around the United States. They even own the World's largest aircraft leasing company. So if the Feds just let AIG go under, it would have potentially caused a world-wide crash. They had to bail them out.

This Times article really explains it well.

Have you noticed that everyone is blaming Wall Street and the people, but no one is raising a finger against the government (like the finance committed, the president who signed the 1977 law, the banking committee, etc.)

The truth Hurts, Look DumDum, George Bush and Bill Clinton are not your dad's???? plain and simple. Case in point my neighbor is about to lose his house 450,000 house, due to the fact he didn't get a fixed mortgage rate, and his wife drives a BMW, he drives a Lexus, and they have 2 kids. It's called financial responsibility, if you can't afford something than don't buy it plain and simple, At the end of the day you know how much money you and were significant other are bringing in every month, the key is be ACCOUNTABLE and TAKING Responsibility for your actions. I am so tired of the left blaming every little thing that goes wrong in there lives on the president or someone else, it's time to grow up and take responsibility for your actions, Plain and simple if you can't afford it, than don't buy it, STOP WITH THE EXCUSES AND SHOW SOME FINANCIAL RESPONSIBILITY.

EDIT///DUMDUM, at the end of the day, you know how much money you bring in everyone should, if you can't afford the 30,000 car than you don't buy it, or the 450,000 to many people buy first and think how they will pay later, people need to show SOME FINANCIAL RESPONSIBILITY!!! plain and simple it's pretty cut and dry.

EDIT222//// DUMDUM your naive, of course the Banks and car dealers are gonna tell you that you can afford that brand new car or House it's up to YOU TO to take a long look at your FINANCIAL report to see if you can afford it or not, if your over 18 you need to live and die with your choices in life, the banks are in business to make money of course they are gonna fund you at a high interest rate people need to be smarter than that and realize if they can afford something instead of scrapping by!!!!

So, if somebody takes out a loan that they clearly cannot afford, or they rack up thousands in credit card debt just so they can buy that big screen TV or fancy new car, they share NO responsibility when they can't make the payments?

But, yeah, the banks took advantage of a lot of stupid people, so they share the blame for it.

Everyone is at fault, from the Government, to the lenders, and to yes, the lowly taxpayer that bought more house than they could afford, or invested foolishly or that lived beyond their means.

Man, you like to get your facts wrong don't you. So, in 2002 President Bush said he agreed with mortgages for unqualified people and in 2003 he tries to bring oversight to FM & FM. What a STUPID argument!! The problem is that SNL got it right. Democrats bear the most responsibility. Truth hurts you too much. The truth is coming out even though you are trying to censor it!!

Hit a little close to home for you?

They are right. NONE of this would happen if we lived within our means and not use credit to buy things we can't afford. WE ARE THE ROOT CAUSE! Deal with it and move on. You can put your bow on your favorite scapegoat but it still comes down to we are spoiled little brats that feel that we can do anything we want.

SNL isn't to be taken seriously, but I agree. It is Americans fault. Take some personal responsibility people