Michael Shermer on the Bailout

Michael Shermer comments on subprime loans, high risk mortgages, and the financial recovery program, AKA the bailout.

Category:

Science & Technology

Tags:

• Shermer
• sub-prime
• mortgages
• markets
• capitalism

[kossmikham]

@RUBENSolol Couldn't agree with you more. It's refreshing to see someone who actually understands capitalism.

[drstrangelove09]

EXACTLY!!! Shermer is using clear thinking yet again!!!

[wisebbq1]

Your facts are wrong shermer. Not a single dollar was given to those banks as a handout. The fact is it was LENT to them with interest. In fact not only we didn't loose tax dollars on those banker bailots we actually GAINED a profit from the interests!

[wisebbq1]

you have to bail them out because it affects everyone badly if they fail (do you really wan't a second great depression?)

[Lpettro]

I disagree with Shermer on some very important issues...and this is not one of them.

[STRANGEJAMES85]

He's right. It is unfortunate that banks gave loans to people they knew could not afford them, but shouldn't the people who took out the loans have known that they couldn't afford them? I feel bad for people who lost their jobs or things like that, but house flippers may as well just take all of their money to Vegas and put it on red 32. Get-rich-quick schemes never work. I also don't feel for the people who were just living outside of their means. There is nothing wrong with renting.

[matt605]

1:10 to 1:20 he says that the bailout money has to come from taxpayers, but that's not true. Not true at all. The United States has borrowed trillions of dollars to fund the wars and bailouts, but it doesn't have to pay the money back at any time. America has run both an ongoing total debt and an annual deficit forever.

[TheTylerGiese]

@Tabla461 trust me, this used car salesman definitely IS a nutsack. he's a closed minded, blatantly ignorant, cocky son of a bitch with witch tits.

[Tabla461]

@TheTylerGiese what? I believe you that michael shermer HAS a 'fucking nutsack.' it would be impossible for him to BE a 'fucking nutsack.' Instead of acting like an idiot please fill us in on what Michael Shermer said that offended you and what your opinion is.

[Wittgensteinism]

where's your humanity shermer?

I actually suspect shermer of being a republican, or at least harboring conservative values.

The banks were approving people for they WANTED to default on the loan. They bought insurance on the loans bla bla. People were DUPED! Not everyone was being "risky"; rather, banks took advantage of people by allowing them to believe that they COULD afford these loans. The people taking the loans didn't think of it as a risk.

Besides, nobody bailed those people out

[Aslapacrosstheface]

@grimwatcher That is very true.