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Americans get played once again (lemmy.ml)
submitted 8 months ago by to c/usa@lemmy.ml
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[–] 61 points 8 months ago* (13 children)

Same game as the 2008 economic crash. They could have bailed out the mortgage holders...but instead, they bailed out the lenders. The banks would have gotten paid either way, but instead of helping regular people...they just gave the money directly to the banks.

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  • [–] 4 points 8 months ago (2 children)

    Good news is they learned from that, there will be no more bail outs.
    Not because they change the system. They didn't so this scam will repeat itself.
    They (and our EU vazal 'leaders') decided to create a bail-in law.
    Next time they can legally and instantly steal everything above a certain amount from everyone's account.

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  • [–] 4 points 8 months ago (1 child)

    They've been quietly bailing out banks for a while now. A notable recent one is when banks shorted silver a little while back and the price tripled instead of going down. They just learned they can't publicize it without making us serfs uppity.

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  • [–] 2 points 8 months ago

    That's interesting, need to look that up. They sure kept it quiet, as I've never seen it reported on even 'alternative' media.
    They will have to tell us serfs when we inevitably get stuck with the bill.

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  • [+] -22 points 8 months ago (8 children)

    2008 didn‘t damage mortage holders, how did you get to this opinion? Banks were packaging bad credits with good ones an shifting those packages like hot potatoes between each other. Till it crashed.

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  • [–] 16 points 8 months ago (3 children)

    You don't remember them crashing the entire economy?

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  • [+] -15 points 8 months ago (1 child)

    Yes. That’s a different case to todays case. People should‘ve been bailed out. Trump used his powers wrong and thus the paid tariffs have to be paid back to the importer. If the importer give this back to customers is a different question. Everybody should speak to Walmart et. al. about a this.

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  • [–] 3 points 8 months ago

    Because these companies have ALWAYS responded positively to consumers wishes, its why prices are so low and why we're in a golden age of national production, instead of paying companies to ship products from one country, where they're farmed, to another country to be processed, then another country to be packaged, and finally to their destination where they're sold.

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  • [–] 8 points 8 months ago (1 child)

    They were also offering sub-prime mortgages with extra long amortization terms to people who wouldn't have otherwise qualified for a mortgage. It was basically on-par with pay-day loan scams. That's what they were shifting around...the debts those people owed.

    They were all thrown under the bus, so the lenders could make fast cash selling that debt amongst themselves, and then get bailed out by the government when that debt collapsed.

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  • [–] 5 points 8 months ago (1 child)

    Instead of giving the default money to banks they could have given it to the "bad credit" mortgage holders, who could have used it to pay their mortgages. The money still goes to banks but people get houses too.

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