The whole segment is worth watching and this guy is a thoughtful market player who has called this right from 07 on. What startled me is when he talked about someone having called him asking if he stopped paying his mortgage could he cash in on the bailout. I just got the exact same phone call 2 nights ago. My answer was pretty much the same as Eric’s only I probably could have been more forceful on the terrible ethics of doing that. This plan is already making the social circles on how to game it around the country well before being in place. The piggies will be lining up around the block and the program will be touted as a huge success while housing prices still fall.
Eric Hovde – CNBC interview (10 minutes):
Personally, I have no problem with the people figuring out how to “game the system.” The piggies have been gaming all of us for years and they deserve to be cratered. Sorry, he’s right about one thing in this regard… the lack of morality has, in fact, crept in. But from my perspective it came from those who are the money experts and the ones who created and profited from the system that they created. To hell with ‘em, the system of debt securitization they created is going down regardless. When we get a new system, with leaders who practice moral and ethical behavior, and when we separate corporations from state, then maybe we can return to the rule of law. In the meantime, the greatest robbery in the history of mankind is occurring and he wants to get all moral and ethical about the lowly homeowner – give me a break.
Other than that, the rest of the interview is good, thanks for sharing, Doc! LOL, after my comments, you probably won’t ever share again (but I know you can take it – and dish it out)! Keep the good segments comming, I appreciate them...