Bethany, United States, Rick Santelli discussed on Slate Money
Sign up axios dot com. It's called axios edge, and I'm going to have a shot in it. All of. US household debt as a percentage of GDP over the past ten years since just before the crisis. And it is Bethany says it was rising all the way into the crisis. It peaked at about ninety percent. And since then it has been on a steady downward decline and that's Plumbly a good thing. We're having a de leveraging which we needed, but the consequence of not being able to borrow a bunch of money and spend it is that people feel poorer than they did pre-crisis even if the incomes have even gone up a bit. One thing I've been thinking about an antecedent of this episode is just that there's so much debate about the Bank bailouts where they fair, where they not could they have been different cetera, et cetera. I don't see a lot of conversation about what could we have done for the homeowners or the mortgage holders are the people that you know were foreclosed on. I mean, they got a lot of attention at one point, but these people are still struggling. I mean, remember him and hope. Hampton harp were not great, and there was a lot of help given to the financial institutions in in very little help given to regular Americans and. Income levels are pretty low. They barely recovered. Six wealth is still American's. Wealth on average is still lower than it was in two thousand seven. I mean, why wasn't more done for those people? This is a great question for Bethany. Clearly Hampton hot. These, these sort of half hearted attempts to help homeowners as rather than the lenders would massively insufficient and and milk toast was that a way to direct bail out funds at individuals who owned homes rather than to thanks was ever possible. So I don't think so. I wish it were possible because part of what was so horribly unfair about this whole thing is that banks got bailed out and people did not write that is awful. It's it's terribly unfair, but then you get into the details and you say we'll was there a way to bail up people. Remember that's what gave rise to the tape party. In many ways was other people being angry that their neighbors might actually be bailed out as early. That's literally what gave rise to the. So it's not like it's not like the country wanted this to happen and people to be bailed out and the banker said, no, no, no, we get the money. Country was in one to the exception of Rick Santelli. It was it's way more controversial than that and really hard to figure out how would you feel if you were struggling to make your mortgage and you could make your mortgage payments and.