That is the word that comes to mind whenever I think about the proposed settlement with the banksters.
The housing bubble was essentially their creation. They made money creating it, and when the bubble burst, we paid to bail them out.
So they were made whole again.
How much equity was lost by how many people? Twenty-five billion dollars is a drop in the bucket. It does not come close to repairing the damage done to the financial position of millions of Americans. So the banks got their money back, and they got a lot of the properties back too, in foreclosures, many of them illegal. They rest of us? Chump change.
If the price of food goes up, you have to pay it. If the price of gas goes up, you have to pay it. How is it different if the price of a home goes up? If you do not pay it by buying a home, you pay it in rent, either way, you pay it. And in this case, the price of homes went up because they gamed the market. And if you do not think lending money to buy a house to virtually anyone who wanted one drives up the price of homes, then I would like to talk to you about a great opportunity in investment property.
So the bankers got theirs. Until the homeowners of America are made whole, this isn't over. Not even close.
