“This is the reaction of Wall Street to zero’s mortgage bailout plan that just came out yesterday. What’s breaking is that people are drawing the line at their tax dollars being used to pay off some deadbeat’s mortgage. For the first time someone had the guts to call zero out on live TV.... an NBC affiliate, no less. There were tons of angry calls into talk radio in NYC this morning. People are FINALLY outraged.”
Ok, that makes sense...but. Keep in mind that this is Wall Street’s reaction. Now whether or not those on Wall Street that are angry had any thing to do with the financial meltdown is immaterial. In the political realm, the American people to a large degree BLAME Wall Street.
So exactly from where would the ground swell of public support come if Wall Street wants to lead a revolt? If anything, the revolt would be against Wall Street and the 2008 election Democrat blowout is testament to that.
The point is that I think people have it backward. The revolt is occurring in the opposite direction from where many here perceive. The President was elected with a slim but still majority. The House has an overwhelming Democrat majority and the Senate has a significant but not impossible majority. The revolt has taken place and the majority has sided with the current government.
Any talk of a Wall Street revolt would yield a majority backlash. Yes, the 40% against Obama and the 37% against Democrats in Congress would support the Wall Street revolt but the majority would revolt against Wall Street’s revolt and have the power of the federal government to back them with socialist and confiscatory tax policies...precisely what has and will continue to happen.
I think things like this are counterproductive. The same thing happened in 1933 and the American people rewarded the Republicans with yet another congressional election thumping in 1934 after the massive socialist landslide in 1932. It has got to be approached differently or Republicans suffer the same fate.
These are the reasons I think Drudge is an ignorant sensationalist, he just doesn’t see the real numbers and situation that currently exists. He hears something on CNBC that is music to all of our ears and thinks this is significant when it has about as much consequence as a funny cartoon when it comes to the real world.
"The government is promoting bad behavior... do we really want to subsidize the losers' mortgages... This is America! How many of you people want to pay for your neighbor's mortgage? President Obama are you listening? How about we all stop paying our mortgage! It's a moral hazard..."
I think that is a very populist message that will resound with the overwhelming majoriy of Americans.
“So exactly from where would the ground swell of public support come if Wall Street wants to lead a revolt?”
How about MILLIONS of people who ACTUALLY PAY THERE MORTGAGE? You know, the poor saps that the 0bamunists are RAPING!
Hey, jackmercer, you are just playing dumb, right?
That, or you really understimate the intelligence of the American people on these matters.
Or you are Demwit troll—which is it?
Way to go traders, keep it up! Fight these parasitical tyrants!
We’re behind you!
Unfortunately the greedy CEOs and ivy leaguers who created the complex securities packages ruined things for generations to come. There is also a half million innocent people who worked in the banks and brokerage firms out of work who had nothing to do with the downfall and blame the greedy Wall Street execs just like the rest of us. I don’t think zero has a job plan for them. If obama doesn’t provide incentives to investors to jump back in, we’re done. You can’t grow the economy from the bottom up. I heard one guy on the radio ask: when was the last time you saw a homeless guy give someone a job.