Jon Stewart on the Foreclosure Mess Posted on October 8, 2010 by Yves Smith OK, I know NC is in danger of becoming “all mortgages, all the time,” but I assume you’ll appreciate this clip nevertheless. Enjoy! The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Foreclosure Crisis www.thedailyshow.com Daily Show Full Episodes Political Humor Rally to Restore Sanity Post navigation ← DC Waking Up to Escalating Foreclosure Train Wreck: Grayson Calls for FSOC to Examine Foreclosure Fraud as Systemic Risk John Paulson Throwing Weight Around in DC Against Foreclosure Fraud Inquiries → Subscribe to Post Comments 33 comments Owe Jessen October 8, 2010 at 4:30 am You should have included the next clip as well: Mortgage Bank Association strategically defaults on its office space while denouncing the moral obligation of homeowners to pay off their obligation. *LMAO* Owe Jessen October 8, 2010 at 4:40 am Here’s the clip: http://www.thedailyshow.com/watch/thu-october-7-2010/mortgage-bankers-association-strategic-default charles 2 October 8, 2010 at 5:03 am “I know NC is in danger of becoming “all mortgages, all the time,” ” I wish Tanta was among us. Unfortunately not, so you have to carry the flag… rjs October 8, 2010 at 9:18 am i second that yves…you dont back down when you’re the one carrying the story… Neil D October 8, 2010 at 5:11 am Bravo to Jon Stewart and Ms. Smith for helping focus attention on all this. Of course, we all know how this will end up. People default on their overdue mortgages, get loan mods, and the taxpayers are on the hook. It’s probably what needs to happen, but can we at least end the insanity of all these tax deductions and equity looting schemes? And how about adding 1% or 2% to the interest rate for each mortgage so we can recoop the losses for bailing out the mortgage deadbeats and their banker buddies? The real tragedy here is that people bought into the idea that it was a good idea to borrow hundreds of thousands of dollars for a house. The bankersters saw y’all comin’ and y’all walked willingly into their trap. Now, I have bailout your sorry behind too. Ptooey! I know – it wasn’t your fault. You aren’t smart enough to have known how corrupt America really is. Well, now you know. Chris October 8, 2010 at 10:02 am Many people defaulted on mortgages because (follow me here) THEY LOST THEIR JOB. The reason they lost their job is because of the housing mess in the first place. So in a sense, the borrower was the victim. Why should I lose anything if the fat cats cause the economy to fold? This happened with my step son’s father. He was in construction as a roofer, making good money and *poof* everything folded because of the criminals in Wall St. Ditto for my niece, but she didn’t own a house, so I digress. When are you going to stop harping on the little guy and blame the fat cats? F. Beard October 8, 2010 at 11:43 am Many people defaulted on mortgages because (follow me here) THEY LOST THEIR JOB. Chris Bingo! It’s called a deflationary spiral. And Neil, what if you were bailed out too? It’s only money (pieces of green paper at most, typically just electronic bookkeeping entries). The US Treasury could send every US adult a big fat check of new, debt-free legal tender fiat. The entire system could be saved including the insolvent banks. As for the crimes that have taken place, fine; let’s go after the criminals but the victims should be tended to also. Inflation risk? Then reduce the banks’ ability to counterfeit to compensate for the new high powered money. Neil D October 8, 2010 at 6:27 pm I’ll stop harping on the little guy when the little guy swears to never buy a house again. You have the power. Use it. Skippy October 8, 2010 at 6:54 pm Neil lives in a big dog little dog reality…does not understand he_is not_his own master. Even if he was to remove him self from all human contact, he would still be affected by other humans no matter the distance and still would need to rely on natures kindness. Skippy…Neil when are you going to realize, this is not, just a housing problem…..eh….but a symptom of something worse. Psychoanalystus October 8, 2010 at 7:17 pm >> Neil lives in a big dog little dog reality << Did you mean, "Neil lives in a big little dog house"… :) Psychoanalystus Anomar October 8, 2010 at 6:58 pm Are you kidding me??? Where was I supposed to live??? The renter situation in my community is a nightmare. So it is my fault that I wanted a environmentally clean and quiet home in order to keep my health and sanity. My fault that the big guys gave me no choice. My fault that the system is rigged. My fault that I have the temerity to want to stay alive and reasonably healthy. What is your fault Neil? Nothing I suppose. Psychoanalystus October 8, 2010 at 7:22 pm My friend, I rent an ocean-front apartment in the resort part of town for under a thousand a month. It’s furnished, and the price includes all utilities, cable, internet, etc. The owner initially asked for $3000 a month. So I don’t know about the renter situation being a nightmare. Just go to another neighborhood. Gotta scoot… time to hit the waves… :) Psychoanalystus Neil D October 8, 2010 at 8:04 pm Are you all really serious here? You cannot imagine that your desire – your “need” – for a “house” is what gives those evil bankers power over your lives? Really? You want what you want and the rest of the world must give it to you. And when you blundered into a trap set by those same evil bankers, you scream, “I was weak! I’m the victim! I needed a place to live and had to borrow thousands of dollars to meet my needs because I could not lower myself to actually rent.” Fine then. I give up. You gave away your finacial futures because you trusted the evil bankers. And even now, you cannot admit you allowed your own desires to blind you. I understand your rage; I share it. So what are you going to do about it? Borrow some more money from the evil bankers for your next house or refuse to play? The choice is yours. But no, you don’t have the guts to break their grip on your life. Pathetic. Psychoanalystus October 8, 2010 at 9:23 pm Neal D.: I can only speak for myself, but I did give up on the American Dream, and I’m a heck lot happier this way. So the banksters won’t squeeze another dime out of me. As a psychologist, I also think placing responsibility on the individual rather than the system (of which banksters are a part of) is yet another symptom of how whacked out the American world view really is. This Darwinist individualism exhibited here needs to give way for a spirit of community, else we’re doomed. Gotta scoot… time to go to my favorite Greek restaurant. Ah… life’s so hard in this Great Recession…lol Psychoanalystus Brighton October 8, 2010 at 7:37 am A People’s Guide to Foreclosure and the Interstate Recognition of Notarizations Act of 2009. Read here: http://brighton-towne.blogspot.com/2010/10/peoples-guide-to-foreclosures-and.html anon October 8, 2010 at 2:41 pm Young people think Jon Stewart is somehow more honest than everyone else in media because he’s a comedian. Well, his brother is also the COO of NYSE, and probably most of his friends and associates are power players and millionaires. You can’t expect to get an ounce of honesty in journalism. Most of the organizations that have sufficient access and resources are also beholden to political and financial powers that are all in bed with each other. Some independent journalists do a good job, but a lot of them make up for lack of resources with excessive ‘imagineering’ of ‘facts’ and conspiracies. Journalism is mostly theater to entertain the masses. For the average person 99.99% of what’s reported in the media is either irrelevant to their daily lives or something they’re powerless to change. If you spend two hours per day reading the news, you’d be better off spending those two hours learning a new skill or volunteering in your community. anon October 8, 2010 at 2:48 pm Sorry, I clicked the wrong reply link. This was supposed to be in reply to Steve Roberts below. Mike Bell October 8, 2010 at 8:06 pm Rick Sanchez? Is that you? (j/k) At least you didn’t mention j-e-w-s. Steve Roberts October 8, 2010 at 10:42 am Why is it that when a comedian recaps what has already been covered by REAL news stories, it becomes somehow insightful? Seriously? Instead of going to Comedy Central to get their news from an op-ed comedian, people need to actually read the news themselves. Constantly linking to op-eds as being informative isn’t helping anyone. Victor October 8, 2010 at 11:24 am It would help if Jon Stewart actually had some skills as either a comedian or social commentator. I cringe when I think of how ineffective both he and Colbert are when compared to Rush Limbaugh and Glenn Beck. For one thing they both come across as elitist snobs. For another they are NOT (contrary to popular opinion) funny — or even amusing, but, at best, simply irritating. So when I hear fellow liberals laughing gleefully at these pathetic attempts at “pointed” humor I seriously consider heading for Canada. Because there doesn’t seem to be any meaningful alternative anymore, but only varying degrees of idiocy on both sides of the US political fence. F. Beard October 8, 2010 at 2:23 pm Cheer up. I used to be a Limbaugh fan till I discovered he is a hypocrite, a Republican shill, and a tool of the bankers. I personally don’t use the F-word but I appreciate those on all sides who value truth so I like Jon Stewart. Colbert, not so much. As for Beck, please spare me. Bottom line, libertarians and liberals should be able to make common cause against the Banker/War Party. IsabelPS October 8, 2010 at 3:44 pm Rush Limbaugh and Glenn Beck you can indeed avoid when you cross the borders, but not Jon Stewart. You see, he is watched by people all over the world, and many foreign TVs try to come up with something similar to his program… F. Beard October 8, 2010 at 11:48 am OK, I know NC is in danger of becoming “all mortgages, all the time, …” Yves This is where the rubber meets the road, people’s homes, so you can hardly go wrong. I also think unemployment is very important too but the two are related (That dang deflationary spiral again). Many thanks. Skepticus Maximus October 8, 2010 at 2:54 pm What I am most fascinated by is how easily CONgress gets bought. That law Stewart mentions at the end is really something. SM Leviathan October 8, 2010 at 3:37 pm Given that I just negotiated a Deed-in-lieu with BofA for my house and moved to a rental in a nearby town, I am necessarily conflicted at the idea of a mass bailout for underwater homeowners. I think in many instances the write-down that would need to be taken would be massive, and where does one set the needle? 2002 prices? 1999 prices? An arbitrary percentage off the mortgage (say 20%)? Or do we also need to factor in income and ability to pay? And do you also write off HELOC and 2nd mortgages? Finally, is this also going to be contingent on whether you have a conforming loan? This is a nasty hornet’s nest once you start down the road. I am seriously contemplating hiring a lawyer to try to reverse our deal with the bank based on events of the past week. Anyone know a good attorney in the Chicago area? mark October 8, 2010 at 4:14 pm When will Stewart, the NY Slimes editorial board, and Obama decry all the home”owners” (debtors) who lied to underwriters and banks about their jobs, income, assets, and prior liens on loan documentation?? Should we implement a stay of homeownership for these people who lied on purchase applications? What do you think Yves?? carping demon October 8, 2010 at 9:48 pm I’m so tired of hearing this foolishness that I’m going to keep saying this until it stops: When Jay Gould said he could “pay half the working class to kill the other half,” it was because he knew THEY WOULD BE HAPPY TO DO IT. F. Beard October 8, 2010 at 4:29 pm When will Stewart, the NY Slimes editorial board, and Obama decry all the home”owners” (debtors) who lied to underwriters and banks about their jobs, income, assets, and prior liens on loan documentation?? mark I perceive you don’t understand the nature of the government backed counterfeiting cartel which steals purchasing power from the poor and others who are “unworthy of credit” or choose not to borrow. Let me tell you, I have never borrowed money from a bank to purchase a house and I COULD (in theory) resent the hell out of the counterfeiting cartel AND those “credit worthy” people who borrowed from it who drove up the price of housing beyond what a person could save for with negative real interest rates in housing. Let’s not be divided amongst ourselves into “savers” and “borrowers” by the government backed counterfeiting cartel. In fact, the entire population has been cheated by the cartel including ironically the bankers themselves. We could all be bailed out too UNLESS we degenerate into a squabble between savers and borrowers. Noni Mausa October 8, 2010 at 7:24 pm Here’s an idea how we might transfer the excess wealth of the banks (who don’t seem to be lending it out at the moment, so why do they need it?) to strengthen the American economy. Simple — if an American is in a house, it’s now his house. Wipe all slates clean, hack impossible debt off at the roots, lighten the boats in the water, ensure all homes will be occupied and not fall to neglect, and free up TONS of disposable income to refuel the economy. There’s a TARP to believe in. Glen October 8, 2010 at 8:27 pm I own my home – how about we just hand out cash? Noni Mausa October 8, 2010 at 9:00 pm So do I, but the effect of my neighbours suddenly owning their homes will benefit me too — they have more money so I have more job prospects, they have a place to live so my neighbourhood isn’t transient anymore, they’re paying property taxes so my taxes are eased — not exactly money in my pocket, but so what? Opinionated Bloviator October 8, 2010 at 8:24 pm The real problem is the United States is in the early stages of economic collapse and the floor is at an Argentina/Venesuala level of income and wealth distribution. Real estate prices, both commercial and residential are starting to reflect this fact. Get out whilst you still can. F. Beard October 9, 2010 at 3:35 pm So what are you going to do about it? Borrow some more money from the evil bankers for your next house or refuse to play? Neil D Our entire money supply is borrowed into existence except for “change you can believe in” the coins in your pocket. Even if you yourself don’t borrow, the money you obtain by working, etc. was borrowed into existence. You taxes will go to pay the interest on government debt too. Some of us intend to reform the system including bailing out the current victims of it. The bankers have woven a clever trap including pitting savers against borrowers but they can be defeated easily enough. Yes, if all of us had boycotted the banks we would not be in this mess EXCEPT a modest expansion of the money supply is beneficial so perhaps we would be in worse of a mess. Comments are closed. Tip Jar Please Donate or Subscribe!