Comments: Subprime Loans to the Sort-of-Worthy: Because it worked so well in 2008!

If you didn't know better, you might think they are trying to collapse the system. But they would never do that.

Posted by Potsie at January 31, 2013 5:45 AM

I was anticipating a massive spin job in the Seattle Times this morning on the contraction of the economy. They had almost 24 hours to work on it, and I figured it would be a masterpiece of the propagandist's art. I was wrong, sort of.

There was not one word about the revised economic numbers for 4Q2012. Not. One. Word. Top story: Mercer Islanders are pissed to be paying I-90 tolls for the (other) 520 bridge!

I am in awe at the audacity and elegance of this. It represents a crowning achievment in an already stellar history of propagandizing for Democrats, and especially Obama. The auto-beclownment of the Seattle Times is complete. They have completed the metamorphosis from left-leaning news caterpillar to a vibrant and colorful propaganda butterfly flitting among the triviality de jour to distract us from the crisis de jour.

And they are dead to me.

Posted by sherlock at January 31, 2013 7:48 AM

But, but . . . Bush and the "banksters" in his pocket caused the crash!

Didn't you get the memo?

Posted by Don Rodrigo at January 31, 2013 9:11 AM

In the bad old days, regular depressions cured the regular accumulation of commonly held bad opinions. It didn't change opinions, it just took those away and left oxygen for others.

We modern, sophisticated folk have cleverly arranged to go depression-free for, literally, a lifetime. Proof to some that there is no tunnel after the light.

Posted by james wilson at January 31, 2013 10:30 AM

Once again showing Ayn Rand to be prophetic:


“…It was an economic emergency law which said that people were forbidden to discriminate for any reason whatever against any person in any matter involving his livelihood. It was used to protect day laborers and such, but it applied to me and my partners as well, didn’t it? So we went to court, and we testified about all the bad breaks we’d all had in the past, and I quoted Mulligan [the bank president] saying that I couldn’t even own a vegetable pushcart, and proved that all the members of the Amalgamated Service corporation [the speculators] had no prestige, no credit, no way to make a living — and, therefore, the purchase of the motor factory was our only chance of livelihood — and, therefore, Midas Mulligan had no right to discriminate against us–and, therefore, we were entitled to demand a loan from him under the law. …[they lose in court] … But we appealed to a higher court…and the higher court reversed the verdict and ordered Mulligan to give us the loan on our terms.” (pp. 317-318)

Posted by bfwebster at February 1, 2013 7:03 AM

Once again showing Ayn Rand to be prophetic:


“…It was an economic emergency law which said that people were forbidden to discriminate for any reason whatever against any person in any matter involving his livelihood. It was used to protect day laborers and such, but it applied to me and my partners as well, didn’t it? So we went to court, and we testified about all the bad breaks we’d all had in the past, and I quoted Mulligan [the bank president] saying that I couldn’t even own a vegetable pushcart, and proved that all the members of the Amalgamated Service corporation [the speculators] had no prestige, no credit, no way to make a living — and, therefore, the purchase of the motor factory was our only chance of livelihood — and, therefore, Midas Mulligan had no right to discriminate against us–and, therefore, we were entitled to demand a loan from him under the law. …[they lose in court] … But we appealed to a higher court…and the higher court reversed the verdict and ordered Mulligan to give us the loan on our terms.” (pp. 317-318)

Posted by bfwebster at February 1, 2013 7:03 AM

Once again showing Ayn Rand to be prophetic:


“…It was an economic emergency law which said that people were forbidden to discriminate for any reason whatever against any person in any matter involving his livelihood. It was used to protect day laborers and such, but it applied to me and my partners as well, didn’t it? So we went to court, and we testified about all the bad breaks we’d all had in the past, and I quoted Mulligan [the bank president] saying that I couldn’t even own a vegetable pushcart, and proved that all the members of the Amalgamated Service corporation [the speculators] had no prestige, no credit, no way to make a living — and, therefore, the purchase of the motor factory was our only chance of livelihood — and, therefore, Midas Mulligan had no right to discriminate against us–and, therefore, we were entitled to demand a loan from him under the law. …[they lose in court] … But we appealed to a higher court…and the higher court reversed the verdict and ordered Mulligan to give us the loan on our terms.” (pp. 317-318)

Posted by bfwebster at February 1, 2013 7:04 AM

Once again showing Ayn Rand to be prophetic:


“…It was an economic emergency law which said that people were forbidden to discriminate for any reason whatever against any person in any matter involving his livelihood. It was used to protect day laborers and such, but it applied to me and my partners as well, didn’t it? So we went to court, and we testified about all the bad breaks we’d all had in the past, and I quoted Mulligan [the bank president] saying that I couldn’t even own a vegetable pushcart, and proved that all the members of the Amalgamated Service corporation [the speculators] had no prestige, no credit, no way to make a living — and, therefore, the purchase of the motor factory was our only chance of livelihood — and, therefore, Midas Mulligan had no right to discriminate against us–and, therefore, we were entitled to demand a loan from him under the law. …[they lose in court] … But we appealed to a higher court…and the higher court reversed the verdict and ordered Mulligan to give us the loan on our terms.” (pp. 317-318)

Posted by bfwebster at February 1, 2013 7:04 AM

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