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Dean Baker on Bogus Mortgage Settlement

Feb. 9, 2012 - Full of sound and fury, signifying another back door bailout. Dean Baker sets the story straight on BBC World News.

'Federal Employees Deserve Better': Workers Rally As Shutdown Frustration Builds

The crowd roared and cheered holding signs that read "We Want to Work" and "Congress Do Your Job So We Can Do Ours." Many showed up with their children despite the blustery weather.

One furloughed rally attendee had a baby strapped to her back, with a sign that read "Let My Mommy Work" taped to the carrier.

David Baker, 35, was among those chanting loudly. He's an air traffic controller in Norfolk, Va., and came to the rally to tell Congress and the White House to end the shutdown.

"It's extremely disappointing to know that our leaders can't get something done," he said.

Baker and his wife have two boys — ages eight and three. He says every day that goes by, his family feels a heavy financial burden as bills roll in.

"It's unacceptable," he says. "We've spent the last week calling our mortgage company, our car loan company, calling credit cards and our day care provider saying 'we don't know if we are going to make this month's payment." It's hard, he adds, to prioritize whether to go to the grocery store or pay your mortgage. He takes a deep breath and adds, "federal employees deserve better.

Homeownership for millennials is top goal | Mortgage Rates, Mortgage News and Strategy

Homeownership for millennials is an important goal. So is saving for retirement . In fact:

Being able to retire and owning a home rank as top priorities, per a recent survey of millennials Yet research suggests that many Gen Y-ers need to work harder to achieve either goal Accomplishing both a comfortable retirement and homeownership , for millennials, is possible with the right planning See mortgage rates for first-time buyers here. (Jan 13th, 2019) Fresh data show millennials rank homeownership high

A new poll by Bank of America has some interesting findings. Based on the report, among Gen Y:

Being able to retire was their top priority (chosen by 80 percent).

Owning a home ranked number two (at 72 percent).

Other goals included traveling the world (61 percent), getting married (50 percent) and having kids (44 percent).

When considering a first home purchase, 47 percent feel mature/responsible. 47 percent said they feel like an adult, 36 percent said that home ownership made them independent, 34 percent indicated that owning a home would make them feel established, and 26 percent equate home ownership with empowerment.

Is the banking/mortgage meltdown the goverment's fault to begin with?

Does this crisis show the failure of capitalism? Or does it show the failure and arrogance of government meddling? Is it possible that ONE MAN is responsible?


This is really oversimplified. The US doesn't have a purely capitalist economy. It has a mixed economy that combines elements of a free market economy and a socialized economy.