HANNITY: So they shouldn't, if there were balloon payments they shouldn't have read it? They shouldn't have hired a lawyer to read it for them?
MOORE: A poor person?
HANNITY: You're not that poor if you're buying a house, Michael.
MOORE: You don't understand what's going on here. This is...
HANNITY: I was poor in my life. I lived in apartments. I couldn't even afford to pay my rent. And I would paint the apartments for my landlord.
MOORE: Sean, there have always been people who have lived beyond their means. We all know who they are. And there's probably one in every one of our families, or friends, or neighbors, or whatever.
HANNITY: So, if they lose their house...
MOORE: No, but they've never caused a crash of this proportion before. That's because they can't. They don't have the assets and the money to be able to cause the crash that was caused by the people downtown here, who were moving money around, taking bets out on money, derivatives, credit defaults, swaps insurance on the bet, then a bet on the insurance. That's why we ended up in the situation here.
He makes a point in spite of the fact that he exploits the poor himself.
First they were exploited for votes. Then they were exploited for money. Now they are exploited my Moore.
That's a whole lot of explotation.
And here is what gets me, if you are going to blame the guys downtown why were they given grants a reward for their naughty behavior?
And what do you mean they can't cause a crash like that. They were handing out home loans like candy in a parade.
I am irked that the government said you have to make it easier for Americans to buy homes, it then goes to fuming when the companies go hog wild but then the ultimate responsibility the largest responsibility goes to the people who are purchasing homes that they know they can't afford. It doesn't take a rocket scientist that you pay in interest just about what you buy your house for, then small payments but the loan has to be paid in X amount of years. It doesn't take a rocket scientist to know it doesn't add up. I am all about owning up to ones responsibilities but that isn't what happened here. No one pays for lack of common sense that was involved, the taxpayers are paying it. The people who are responsible and live within their means. The ones who pay their mortgage.
if you are going to blame the guys downtown why were they given grants a reward for their naughty behavior?
If you mean why were they given bailouts, that is what Moore wants to know also.
Quote:
And what do you mean they can't cause a crash like that. They were handing out home loans like candy in a parade.
No, I don't think you understand his point. He was saying that they cannot cause a crash alone; that without wholesale and irresponsible lending they most certainly cannot cause a crash because they could never get a loan upon which to default. In essence you agree with Moore and so do I.
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the largest responsibility goes to the people who are purchasing homes that they know they can't afford.
I respectfully disagree. If the institutions were to properly underwrite and retain the loans in house, those people would have NEVER been players to begin with. The loans were instead almost immediately sold, traded like playing cards...so those who wrote the loans could care less how shaky they were. I'm sure you can see where the irresponsible behavior first originated.
As Moore said...we all know someone to whom we would not lend money, but if we could loan them money and do so at great profit and someone else would eat the loss...then why not?
Later in the interview he curses the fact that we've lost so many manufacturing jobs that we are now dealing in a false economy based upon debt...most of which is bad debt. In a way, that is neither a left wing or right wing stance...it is the plain truth and common sense.
And what was the great enabler that put so many who obviously could not afford the mortgage into a sub prime loan. COMMUNITY REINVESTMENT ACT, and whose brain child was that, JIMMY CARTER, and who championed it and had the laws rewritten to force financial institutions to write these sub prime loans, BILL CLINTON. So the liberals cook up the scheme, force the banks to make the loans and when it goes bust, they blame the banks. God forbid they take any of the blame themselves. Gee wasn't it Barney Frank that said that Fannie Mae and Freddie Mac were financially stable less than one month before the housing crash.
While I wholeheartedly oppose the bailouts, the Obama Administration has outspent every sitting president combined and has done little if anything to correct the economy, create jobs and free up credit. Now their talking about another round of stimulus, when does it end, when we no longer speak English and start being a Muslim, Chinese speaking nation.
As far as Michael Moore goes, he is the biggest hypocrite, he makes millions on his so called documentaries that are mostly fiction. When Sean asked what his net worth was he would not give a straight answer and would only commit to
"the studios made more than me".
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Just look at the parallels of the Nazi regime and the Obama Administration amazingly similar arent' they.
Last edited by thndrchiken; 10-08-2009 at 06:14 PM.
If you mean why were they given bailouts, that is what Moore wants to know also. Oops I guess kinda pulled a Bush
No, I don't think you understand his point. He was saying that they cannot cause a crash alone; that without wholesale and irresponsible lending they most certainly cannot cause a crash because they could never get a loan upon which to default. In essence you agree with Moore and so do I. Okay sorry this turned out to be a terrible post, I'm usually more careful.
I respectfully disagree. If the institutions were to properly underwrite and retain the loans in house, those people would have NEVER been players to begin with. The loans were instead almost immediately sold, traded like playing cards...so those who wrote the loans could care less how shaky they were. I'm sure you can see where the irresponsible behavior first originated. I can respect that. ( I was going to put a but... and it just felt like I would be insulting your intelligence, as well as probably sounding like a broken record.)
As Moore said...we all know someone to whom we would not lend money, but if we could loan them money and do so at great profit and someone else would eat the loss...then why not?
Later in the interview he curses the fact that we've lost so many manufacturing jobs that we are now dealing in a false economy based upon debt...most of which is bad debt. In a way, that is neither a left wing or right wing stance...it is the plain truth and common sense.
On this I agree 100% The current situation has a lot of people up in arms.
He makes a point in spite of the fact that he exploits the poor himself.
First they were exploited for votes. Then they were exploited for money. Now they are exploited my Moore.
Very simplistic there VC. Root cause comes down to the federal government getting involved where they have no business being involved in.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
I don't think the problem is the point that Wall Street, etc. had a major hand in creating this mess we're in. I think most of us have a problem accepting just about anything from Moore because he's such a hypocrite, opportunist and really isn't any better than the Wall Street scumbags he's trying to showcase.
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Michael versus Sean
