The rich get richer and the poor get...well you know
By EvanHunter
@EvanHunter (4026)
United States
May 21, 2010 7:03pm CST
More people lost their homes to foreclosure during the first quarter of this year (2010) as banks worked through a backlog of troubled borrowers and repossessed more properties, according to data released Thursday by RealtyTrac. It seems despite the efforts of some government plans banks are still foreclosing on homes, more than 150,000 had been dropped from the program because they didn't keep up with their payments or their lender determined they did not qualify after all. Wouldn't it be nice if we the people were able to determine that the banks and financial institutions who raided the coffers and gave themselves big fat bonuses when they were "on the verge of going under" were able to say guess what we don't think you really needed that money you were given after all we are liquidating your company just like you liquidated peoples homes. With the true cost of the bank bailouts being anywhere form billions to trillions it seems that banks are taking people for a ride and there is no real accountability to anyone accept people who are struggling to keep a roof over their heads.
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/15/AR2010041500828.html
http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_crisis/bailout_plan/index.html
3 responses
@EvanHunter (4026)
• United States
22 May 10
The largest jump in new Millionaires came during the height of the technology boom.
http://www.huffingtonpost.com/2010/03/09/number-of-us-millionaires_n_491942.html
saying that the number of people who moved above $5 million in net worth was a increase in millionaires is pretty misleading The 94% of the population that makes under $100k a year would probably agree with me that having over a million certainly qualifies as being upper class already. Out of all those that moved above $5 million in worth I doubt there was any who were new comers. Unless you are counting on the lotto the past decade has seen a larger gap between low and high income. In fact the households with a net worth of over a million is still down 11% compared to previous decade of the original boom from companies like Microsoft.
@EvanHunter (4026)
• United States
22 May 10
lets not forget "Bigger bonuses for running companies into the ground".
@spalladino (17891)
• United States
23 May 10
I agree with you about the accountability of the banks but some of the rich also got poorer along with the regular folks. My brother-in-law, for instance, is a real estate developer here in Florida. He used to create entire communities out of nothing and in the process his company built some homes along with all of the other builders who were building homes on lots they purchased from him. For years he made a fortune...then the bottom fell out. He lost several new homes to foreclosure because he couldn't make the payments on the multi-million dollar loans he had. He almost lost his personal residence...but he diversified, owns two consulting companies now and a renewable energy company. The banks did not do what they were supposed to do...when it came to the regular folks, the builders and the developers...and many companies are out of business today because of it.
