Herman Cain,If You're not Rich 'Blame Yourself'

[bonnie]

Herman Cain to Occupy Wall Street Protesters: If You're not Rich 'Blame Yourself'

BY Aliyah Shahid

DAILY NEWS STAFF WRITER

Unemployed Wall Street protesters only have themselves to blame for lacking a job, so says Herman Cain.

The Republican presidential candidate insisted that the demonstrations were being "orchestrated" to help President Obama.

"I don't have the facts to back this up, but I happen to believe that these demonstrations are planned and orchestrated to distract from the failed policies of the Obama Administration," Cain told the Wall Street Journal.

The Tea Party favorite then argued that the plight of the unemployed was their own fault.

"Don't blame Wall Street, don't blame the big banks, if you don't have a job and you're not rich, blame yourself. It is not someone's fault if they succeeded, it is someone's fault if they failed," the ex-Godfather's Pizza CEO declared.

The fiery remarks come as protest organizers plan for their biggest demonstrations yet -- at least 2,000 people are expected to gather in lower Manhattan Wednesday.

Last week, 700 protesters who spilled onto the streets near the Brooklyn Bridge were arrested on charges of disorderly conduct.

Cain acknowledged that the banking industry played a role in the 2008 economic meltdown, but argued they were no longer responsible.

Protesters and police officers on Brooklyn Bridge during the 'Occupy Wall Street' rally on Oct. 1 (Anjali Mullany/News)

"They did have something to do with the crisis that we went into in 2008, but we're not in 2008, we're in 2011," Cain said."...These demonstrations, I honestly don't understand what they're looking for. To me, they come across more as anti-capitalism."

Cain's campaign has been picking up steam since he won Florida's straw poll last month.

And in a recent Rasmussen Reports poll, Cain trails Obama by just five points in a head-to-head matchup.

Read more: http://www.nydailynews.com/news/politics...l#ixzz1Zwsh54E5

[Kyran]

"Don't blame Wall Street, don't blame the big banks, if you don't have a job and you're not rich, blame yourself.

Ouch, there goes the Southern vote, the African American vote (for saying the African American community was brainwashed to vote Democrat), and now unemployed vote.

[bonnie]

Originally Posted By: bonnie

"Don't blame Wall Street, don't blame the big banks, if you don't have a job and you're not rich, blame yourself.

Ouch, there goes the Southern vote, the African American vote (for saying the African American community was brainwashed to vote Democrat), and now unemployed vote.

It will come down to the numbers in the wagon and those pulling the wagon.

I worked for a fantastically wealthy family,among those they call the uber rich.

They owned a large track of land in a agriculture area and offered to fund and completely stock a farm for the inmates of the cty workhouse to pay their own and family expenses while locked up.

Great idea but it would have been against their civil rights to make inmates work. A good percentage were there for failure to pay child support.

They tried the same for teen girls confined in MN homes for girls and the woman's prison.

Again it was a great idea but against the civil rights of those living off in one way or another of taxpayers.

As long as the claim of poverty puts you in the selected,protected class

[lazarus]

"Don't blame Wall Street, don't blame the big banks, if you don't have a job and you're not rich, blame yourself.

So who was responsible for the Lehman Brothers collapse which was one of the sparks for the financial crisis.

[bonnie]

Originally Posted By: bonnie

"Don't blame Wall Street, don't blame the big banks, if you don't have a job and you're not rich, blame yourself.

So who was responsible for the Lehman Brothers collapse which was one of the sparks for the financial crisis.

Are you saying Lehman Brothers are responsible for the "poverty" in this country or that being poor has been a new occurrence since 2008?

Lehman Brothers bankruptcey was caused by or mostly U.S. subprime mortgage. This had been building for sometime with the notion that all that said they wanted home ownership deserved to have it.Their ability to repay was immaterial.Now most of us are paying the price for that.

Still doesn't excuse anyone from hard work,motivation and personal responsibility. Those three traits go along way in getting someone from poverty to average middle class living.

[lazarus]

Lehman Brothers bankruptcey was caused by or mostly U.S. subprime mortgage. T

More specifically

The repeal of Glass Steegall

Financial instruments created by the banks that were specifically designed to fail.

Duplicity of the ratings agencies.

Politicians bought by campaign contributions.

Fractional reserve banking

To simply suggest that its sub-prime mortgages is right wing political fiction.

[bonnie]

Originally Posted By: bonnie

Lehman Brothers bankruptcey was caused by or mostly U.S. subprime mortgage. T

More specifically

The repeal of Glass Steegall

Financial instruments created by the banks that were specifically designed to fail.

Duplicity of the ratings agencies.

Politicians bought by campaign contributions.

Fractional reserve banking

To simply suggest that its sub-prime mortgages is right wing political fiction.

Really? Banks or mortgage lenders were "forced' to give loans for unworthy borrowers backed by the government.

[bonnie]

Originally Posted By: bonnie

Lehman Brothers bankruptcey was caused by or mostly U.S. subprime mortgage. T

More specifically

The repeal of Glass Steegall

Financial instruments created by the banks that were specifically designed to fail.

Duplicity of the ratings agencies.

Politicians bought by campaign contributions.

Fractional reserve banking

To simply suggest that its sub-prime mortgages is right wing political fiction.

The difference in what Herman Cain is saying and the "give me" crowd is saying is personal responsibility and a willingness to do as much as you can for yourself.

My grandparents lost all like many did in the crash of 29

They did not have the luxury of having a check deposited in their bank account taken from others.They shipped all the cattle they could afford to ship as they had to pay the stock yards to accept the,It was either that or shoot them.They were going to be homeless.They had previously purchased small acreage in northern MN.They could not afford gas for their car.They hitched up the farm wagons with all they could carry and chained the car to the wagon, pulled by the work horses.They walked every step of the way,over 200 miles.No rest area's were along the way.They slept under the wagons.The property did not have a house so they converted a abandoned chicken coop.

I don't think they were the good old days,but that was an era where people did not look to other taxpayers to pay them to sit on unemployment/welfare.They made it and prospered without demanding all debts be eliminated or try to bring the financial industry of the country down

Nor did we have the luxury of food stamps paid for by others.We considered ourselves fortunate to have oatmeal three times a day many times .Sometimes only enough wood to heat the kitchen and living room,all sleeping on the floor

Any that demand from others should be forced to committ to A,B,C requirements or they do not receive any aid.

Stop looking around for others to blame

[lazarus]

Really? Banks or mortgage lenders were "forced' to give loans for unworthy borrowers backed by the government.

I guess by forced you are talking about the CRA. Only 20% of sub prime loans came from banks that were covered by the CRA. So why were the other 80% made?

[bonnie]

Originally Posted By: bonnie

Really? Banks or mortgage lenders were "forced' to give loans for unworthy borrowers backed by the government.

I guess by forced you are talking about the CRA. Only 20% of sub prime loans came from banks that were covered by the CRA. So why were the other 80% made?

The other 80% were because there were those that wanted what they could not pay for. It should not take a genius for anyone to figure out that a 1500.00 mortgage payment cannot be sustained on a 2500.00 a month income.

Look to Barney Frank and Chris Dodd that ridiculed Bush when he wanted this looked into because he knew Fannie Mae and Freddie Mac were in trouble.

The mortgage requirements such as they were, allowed anyone that was standing upright and still breathing to qualify.

No one dragged anyone off the street and forced them to sign.

When Fannie Mae and Freddie Mac would back risky loans what do you suppose would happen.

Mortgage originators and mortgage companies are going to stay competative with the guy down the street.

[lazarus]

Big profits were there to be made by these bad loans. Banks knew they were bad. Hid the fact that they were bad and made billions from them. It was corruption pure and simple. The tax payers had to pay for bank corruption.

[bonnie]

Big profits were there to be made by these bad loans. Banks knew they were bad. Hid the fact that they were bad and made billions from them. It was corruption pure and simple. The tax payers had to pay for bank corruption.

Hid the fact they were bad from whom? The banks are not the one that decided that all deserved homeowners. That had it's start with Clinton I believe. The mortgage company did not force Fannie Mae and Freddie Mac to buy up the loans.

The first one to know that the loan was bad was the homebuyer.

You do not need a college degree to figure out low income does not equal high mortgage or it shouldn't.

Let's start with those that demanded what they could not pay for

[lazarus]

Hid the fact they were bad from whom?

It is well known that banks hid BBB bonds with AAA bonds to get past the regulators. They knew the bonds were bad. They deliberately mixed good mortgages with bad mortgages. How were sub-prime mortgages rated AAA if there was not deceit involved?

Originally Posted By: bonnie

The first one to know that the loan was bad was the homebuyer.

The opposite is true. The last to know was the home buyer. The lending institution knew, the loan originator knew, the underwriter knew, the broker knew.

[bonnie]

Originally Posted By: bonnie

Hid the fact they were bad from whom?

It is well known that banks hid BBB bonds with AAA bonds to get past the regulators. They knew the bonds were bad. They deliberately mixed good mortgages with bad mortgages. How were sub-prime mortgages rated AAA if there was not deceit involved?

[bonnie] The first one to know that the loan was bad was the homebuyer. [/bonnie]

The opposite is true. The last to know was the home buyer. The lending institution knew, the loan originator knew, the underwriter knew, the broker knew.

If the buyer was buying a home beyond his means,which was more common that not,who hid that fact from the buyer?

Who dragged the buyer of the street and forced him into a home he could not afford?

Who held a gun to his head and forced him to sign?

[phkrause]

If the buyer was buying a home beyond his means,which was more common that not,who hid that fact from the buyer?

Who dragged the buyer of the street and forced him into a home he could not afford?

Who held a gun to his head and forced him to sign?

The buyers didn't know that at first. The lenders showed the buyers that they could afford to pay the mortgage. They brought the prices way down and than told the buyer that if they refinanced within a 3 to 5 year period they would be fined a lot of money if they wanted out of the mortgage. Than at the end of that 3 to 5 year period the mortgage payment went up and than in a few more years would go up further. Most buyers were unaware of how much they would go up. Like you say many wanted to own a home and so they figured they could do it. Or told and shown they could do it. But as reality set in most found out that they could not pay and many others found themselves without jobs and stuck with those mortgages that they couldn't get out of. Because not only did they get laid off but the housing industry, which everyone was told to invest in because that was the way to make money, fell apart.

[Dr. Shane]

So who was responsible for the Lehman Brothers collapse which was one of the sparks for the financial crisis?

Congress. Both Parties.

[lazarus]

Originally Posted By: lazarus

So who was responsible for the Lehman Brothers collapse which was one of the sparks for the financial crisis?

Congress. Both Parties.

I think politicians played a role but the blame must land squarely on the banks themselves but the liability was transferred to the public through the bailouts. None of them went to jail. Many still got their bonuses or golden parachutes. Sickening.

[Dr. Shane]

I think politicians played a role but the blame must land squarely on the banks themselves...

Well, of course the banks are to be blamed but... that is kind of like blaming the cat for eating the meat left out on the counter. "Who left the meat out?" is the question.

[Kyran]

So who was responsible for the Lehman Brothers collapse which was one of the sparks for the financial crisis.

I'd say the Lehman Brothers were responsible. They lent money to people who had no chance of making repayments to buy overvalued houses. They were probably also lending to property developers, adding to the market's oversupply.

There is no way that could have ended well.

[lazarus]

Originally Posted By: lazarus

I think politicians played a role but the blame must land squarely on the banks themselves...

Well, of course the banks are to be blamed but... that is kind of like blaming the cat for eating the meat left out on the counter. "Who left the meat out?" is the question.

I think your underestimating the influence big business has over the political system. Our politicians are bought.

[lazarus]

I'd say the Lehman Brothers were responsible. They lent money to people who had no chance of making repayments to buy overvalued houses. They were probably also lending to property developers, adding to the market's oversupply.

There is no way that could have ended well.

Lehman was the only bank that was allowed to fail. The rest were bailed out and the liability for that corruption was passed on to the public.

It's incredible that AIG executives and politicians were jumping up and down demanding that bonus contracts be honored when the tax payer had just pumped billions into AIG to save it from collapse. The financial system is rotten to the core.

[Dr. Shane]

I think your underestimating the influence big business has over the political system. Our politicians are bought.

No. I am not underestimating that at all. How can that be changed? By Congress. Who am I blaming? Congress. I think I have a pretty good grasp of the situation.

I didn't have much of a problem with the banks paying out bonuses. The bonuses are part of the employees wages and many of the bank employees had nothing to do with the banks' failure. Denying them their bonuses would be like refusing to tip a waitress because we bailed out the restaurant. That was just a whole class-envy act. I didn't get sucked into that one.

[lazarus]

Denying them their bonuses would be like refusing to tip a waitress because we bailed out the restaurant. That was just a whole class-envy act. I didn't get sucked into that one.

Are you serious? How can you compare giving a $5-10 tip to a waitress with the $2.4 paid to executives of a bankrupt company! You're comparing apples and bowling balls. Employers don't give tips, customers do!! This was not a tip, it was remuneration. AIG was was bankrupt. Employees of failing companies lose jobs, get wages cut etc, terms and conditions get amended.

Congress is not going to change it becasue they are the direct beneficiaries of the corruption.

[Dr. Shane]

Tips are part of the waitress's salary. In the same way, bonuses were part of these bank employee salaries. Those that were against giving the employees their bonus were counting on the fact that most Americans wouldn't have a full understanding of the banking industry. They were right. Denying their bonus was like denying a salesman his commission.

Many of the bonuses were paid because it was part of their contract and the bank had to pay the bonus contractually. The following year when the bonus didn't have to be paid, many of the employees jumped ship and went to another bank were they got higher salaries to make up for the lost bonus.

It was the home mortgage part of the bank that caused them to fail, or nearly fail. Yet banks have lots of departments other than home mortgages. The overwhelming majority of the bonuses that were being paid out were being paid out by the profitable departments of the banks to their employees. Understand the dynamic. If I am a business owner and my business has six departments in it and one is losing more money than the other five are making, I am going to want to shrink that one department and grow the other five. That makes sense, right? That is what was happening. Pay good bonuses to those doing a good job in the five profitable departments and scale back the operations in the one losing department.

[Dr. Shane]

Congress is not going to change it becasue they are the direct beneficiaries of the corruption.

The TEA Party congressmen are making quite a change. If the Democrats get their own group like the TEA Party - that are dedicated more to the voters than Washington games - then there is hope. But we know how all this ends, don't we? It doesn't get better until the King comes.