A conversation between Will Emerson and Seth Bregman when they were driving back from Eric Dale's house.{Warning} I DON'T OWN the copyright, It's uploaded co...
Yes I am watching it right now, how could you tell?
Why do you think so? He mentions tipping the scale to help people afford cars and houses, so we can infer he means people getting preferential rates for loans. That doesn't require any brain-genius financeering, big banks have the easiest jobs in the world - borrow from the fed at X%, lend to people for mortgages at X+Y%, pocket Y% as profit. You don't even have to go to school for that. The function of his profession is to cook up bazinga-brained financial products and then also cook up math to value them. The crisis they're in is occurring because one half of that task was done and the other half was not. Charitably. One could also say the valuation was intentionally incorrect so banks could package up garbage loans to sell them at good-as-cash AAA rates as a way to raid institutional investor coffers. Which they did, very successfully. Unfortunately some of the banks also got high on their own supply and began valuing these products as AAA internally as well.
If I were being overly cynical I would say this rant is a repackaging of the narrative blaming low-income borrowers for taking the loans banks were offering them as the reason for the great financial crisis. That's the "tipping the scales" he is referring to, transmuting their giant financial scam into some kind of charity work for the poor. Those poor people all got fucked when their rates adjusted and they could no longer afford their mortgages. They lost their houses and were forced to sell at the bottom of the market.
When he talks about "tipping the scale" he doesn't mean it in the literal sense of their jobs, he means it in the sense of obfuscating exploitation of the third world and the causes and effects of capitalism. That's how I understand it anyway.
The line about "a lot of things becoming fair" is what gives it away.
It's basically Christman Zen Fascism rant.
Christman covers the same broad ground (we benefit from exploitation of the third world and would not like how our economic circumstances changed if that stopped) but I do not think that is what this character is talking about.
Why do you think so? He mentions tipping the scale to help people afford cars and houses, so we can infer he means people getting preferential rates for loans. That doesn't require any brain-genius financeering, big banks have the easiest jobs in the world - borrow from the fed at X%, lend to people for mortgages at X+Y%, pocket Y% as profit. You don't even have to go to school for that. The function of his profession is to cook up bazinga-brained financial products and then also cook up math to value them. The crisis they're in is occurring because one half of that task was done and the other half was not. Charitably. One could also say the valuation was intentionally incorrect so banks could package up garbage loans to sell them at good-as-cash AAA rates as a way to raid institutional investor coffers. Which they did, very successfully. Unfortunately some of the banks also got high on their own supply and began valuing these products as AAA internally as well.
If I were being overly cynical I would say this rant is a repackaging of the narrative blaming low-income borrowers for taking the loans banks were offering them as the reason for the great financial crisis. That's the "tipping the scales" he is referring to, transmuting their giant financial scam into some kind of charity work for the poor. Those poor people all got fucked when their rates adjusted and they could no longer afford their mortgages. They lost their houses and were forced to sell at the bottom of the market.
When he talks about "tipping the scale" he doesn't mean it in the literal sense of their jobs, he means it in the sense of obfuscating exploitation of the third world and the causes and effects of capitalism. That's how I understand it anyway.
The line about "a lot of things becoming fair" is what gives it away.
It's basically Christman Zen Fascism rant.
Christman covers the same broad ground (we benefit from exploitation of the third world and would not like how our economic circumstances changed if that stopped) but I do not think that is what this character is talking about.