2010 April 25 post from reamworks
Charlie Rose interview with Rahm Emanuel in this week’s Bloomburg Businessweek. This question and answer was interesting.
Rose: Can Obama Turn around the anger of people who think they haven’t been heard?
Emanuel: There are legitimate reasons for the anger out there. The middle class has seen their incomes lost and cost of living go up while those at the top acted with a sense of irresponsibility that led to the economic crisis. Now the hard working middle class is bailing out the economy. Anybody who thinks the anger is just being pumped up just doesn’t get it.
I’m dumbstruck! Our administration apparently doesn’t see the “middle class” trying to get-rich-quick with housing as an equal part of the problem! They don’t question the fact that 80% of all stated income loans were fraudulent. This allegedly hard-working middle class is getting all sorts of handouts, from $8,000 homebuyer giveaways (with a 50% fraud rate) to tax holidays on forgiven debt, and a hands-off policy on auditing home equity interest deductions.
The real victims, of course, are savers and small businessmen who are truly paying for all of this. Bit our administration doesn’t care about them because there are more votes to be bought from the “angry middle.
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