Cheney on predatory lending: ‘the markets are working.’

[marmar]

from Think Progress:



Cheney on predatory lending: ‘the markets are working.’


In a new interview with Fortune magazine, Vice President Cheney says that the government shouldn’t intervene to curb predatory lending practices because it would interfere with the “working of the markets“:

“The fact is, the markets work, and they are working,” said Cheney in an interview in his White House office. “And people - some of the big companies obviously - have taken risks. Risk means risk. And there’s an upside as well as a downside in some of the choices they’ve made. We have to be careful not to have this set of developments lead us to significantly expand the role of government in ways that may do damage long-term for the economy.”

The same goes for Democratic efforts to curb the predatory lending practices that left naive homeowners in trouble, says Cheney: “We don’t want to interfere with the basic, fundamental working of the markets.”

A few nights before the interview, “Cheney had dinner with {Alan} Greenspan at the home of friend, mentor, and deposed Defense Secretary Rumsfeld.”

http://thinkprogress.org/2007/11/26/cheney-on-predatory-lending-the-markets-are-working/

[spanone]

1. what part of 'predatory' does mr chenee not understand?

pred·a·to·ry –adjective
1. Zoology. preying upon other organisms for food.
2. of, pertaining to, or characterized by plunder, pillage, robbery, or exploitation: predatory tactics.
3. engaging in or living by these activities: predatory bands of brigands.
4. excessive or exploitive in amount or cost, as out of greed or to take advantage of consumers or patrons: predatory pricing.
5. acting with or possessed by overbearing, rapacious, or selfish motives: He was cornered at the party by a predatory reporter.

[annabanana]

7. He has no concept of it... It is the air he breathes..

the water he swims in. He will not know what it is until he is PREYED UPON.

[Union Thug]

2. Mafia Loan Sharking wasn't as out of control as the current 'legal'

credit industry. In many cases, creditors are charging interest rates GREATER than the mob. And personally, I'd rather have my legs broken than to get raked over the 10 years of pain caused by creditors who attack those who are unable to repay their debt. Legs heal in a few months. Credit problems haunt you for many years after the problems occurred and impact multiple facets of life.

[Mythsaje]

3. If by "working" you mean, "allowing legal entities to take advantage

of the most vulnerable segments of society with no real oversight," then, yeah, they're working.

Gawd, he's a sick fucker. Rich as shit and morbidly self-satisfied.

To say I despise him and everything he stands for is a vast understatement.

[izquierdista]

4. I want to see "prey lenders"

Ones peacefully minding their own business and suddenly set upon by a pack of ravenous consumers. Consumers with spears, arrows and Weber grills. Could make for some mighty tasty eating! I'll have a loin of loan officer with a :beer: to wash it down.

[MaineYooper]

5. "The fact is" = Cheney-speak for "put on your waders"

If it really were a fact, he could just say it without the preface.

It's sort of like when * talks- the more forcefully he gestures, the higher the bullshit content.

I guess it's at least nice to have these little clues to follow.

[elehhhhna]

6. Did destroying Bankruptcy laws "interfere with the basic, fundamental working of the markets"?

Maybe it's not his defib that quacking out -- maybe it's an alarm that goes off whenever he lies.

[EFerrari]

8. Too late, Dick! You already built Homeland Security.

How's that doing for markets?