I have been saying this for a while but I have finally saw that New York Magazine has pointed a finger at some of the people you can truly blame for this financial mess.
The real villains here, the truly bad seeds at the heart of this crisis, have gone unpunished thus far and are still in operation. They are Jeff Lewis and Ryan Brown of Bravo's Flipping Out, Armando and Veronica Montelongo of TLC's Flip This House, Kristen Kemp of TLC's The Property Ladder, Kendra Todd of HGTV's My House Is Worth WHAT?, and the TLC, Bravo, HGTV, and Fine Living networks in general. All of them encouraged people to take out massive loans in order to buy and renovate homes and sell them at a profit when, really, most people have terrible taste, and furthermore, are bad at laying tile. These shows are still on! WHY?
Yup, these asinine shows told people how to become "Real Estate Millionaires" by borrowing money to buy a home and then borrowing more to fix the home then selling it for a profit. It is all well and good if the bigger fool theory is in place. However, if there is no one around to buy the home then the mortgage defaults, the loan goes sour, and the bank gets a home that no one wants to buy with a bunch of granite countertops and stainless steel appliances in it.
I think Obama should shoot a clawback at Robert Kiyosaki and his "Rich Dad, Foreclosed on Dad" crap that made him his millions. I think they need to limit that guys salary to $500K as well as those "Wall Street Fat Cats" that pretty much gave people what they wanted. Which was an all consuming need for a life they couldn't sustain; with money they had no chance of paying back. I think Kiyosaki has his name right below Dick Fuld in who needs to be blamed for this recession.
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