Jonathan Kim Reviews American Casino

Jonathan Kim Reviews American Casino

so you don’t deal window for rest and
will there be a fell victim is here from
rethink reviews
and uh…
we’re going to review cap
michael moore movies so that’s going to
but we want warm you up today
we’ve got another documentary at this
one is more
to discard the bottle
so it’s called america’s you know let’s
watch john’s review and they come back
and give you some amazing facts about
mortgage foreclosure crisis are
devastating for cities like baltimore
sub-prime lenders would target minority
four they are products that were bad it
was potentially marketing bad products
or poisonous products
to minority communities and they did
that because
that those areas where particularly
vulnerable to their practices for the
reason that the folks lived in those
neighborhoods had been for many years to
denied prime loans so i have been able
to get credit they have been able to get
prime loans so they were ready willing
and just say yes to anything that came
and so these sub-prime lenders and the
predatory lenders took advantage of that
and that practice of literally targeting
any area because of its racial makeup
or bad loan product is what we call
reverse redlining
while many factors that contributed to
our current recession
it was the input into the housing market
that started the dominoes falling
while many republicans blame this class
on irresponsible homebuyers who take out
loans they couldn’t afford legal burns
new documentary american casino explains
in great detail how blaming the victims
only lets the real villains along with a
failed ideology off the hook
the film traces the roots the housing
meltdown two december two thousand
when phil mental recession graham who’s
been chaired the senate finance
committee excluded regulation of the
financial devices that allow on wall
street essentially campbell using a
worldwide economy as collateral
that’s because gramm and basically all
of the republican party believe that all
corporations should be regulated as
little as possible and when that happens
the magic of the free market will
sprinkle fairness wisdom in benevolence
apartments former federal reserve
chairman alan greenspan believed this
for four years
going to sub-prime bubble burst he’d
made that this cornerstone of corporate
is theory appeared to be ass backwards
for interviews with experts journalists
and repentant people from the finance
industry hit a thorough explanation of
why sub-prime lending me he inserted a
the lack of regulation create a climate
where lenders were encouraged to sells
many mortgages as possible especially
the more probable sub-prime even if
there is no chance the borrower could
ever pay them back
since the lenders may terminate the sale
of the mortgage not where the song was
able to pay it
it didn’t matter to them subprime
mortgages were ticking time bombs which
also meant they didn’t care people got
their lives and credit recommended we
lost their homes you also learn how
those sub-prime mortgages dot chopped up
and repackaged with other assets which
were venerated in seoul is safe
investments practice endorsed by
greenspan’s way to spread risk
throughout the economy instead of
keeping it in the financial firms work
along but in case investors were still
apprehensive they were allowed for a
small price to make a bet that paid off
at the borrowers didn’t repay their
loans which was called a credit default
the promise that near the banks nor the
companies that ensure them like a veggie
had a way to actually pay off those
debts and that’s on the whole thing came
crashing down
americans have seen a spends a
considerable amount of time with the
people and communities the housing
crisis landed on in baltimore we hear
the gut-wrenching stories of the teacher
of therapist in the preacher who are
losing their homes
these are good smart people who are
making major contributions to the
struggling communities because of some
green wall street assholes in a
government that enables them to end up
living a nightmare
dimension that these three people are
black in an amazing coincidence it turns
out that black people were nearly four
times more likely to be given subprime
loans even if they can afford the better
prime stats because the lending industry
specifically target minorities preying
on the fact that many more hungry to own
homes have been unable to get loans in
the past
this tactical targeting minorities is
known as reverse redline which i guess i
was nicer than overtly racist screwing
we should also remember that george w_
bush actively encouraged minorities to
fulfill the dream of home ownership
and called for an increase in minority
homeownership by five and a half million
so i think that they can’t relief a lab
the film also goes to california or bank
owned homes in their abandoned pools in
your has become fire hazards in breeding
grounds for mosquitoes rosen disease
meth labs criminals in sc waters move
into a band in homes for their
endangering communities in the pressing
home prices
the banks of the homes are responsible
for maintaining because what they don’t
and the community paid a price
like the film sets the american economy
has become a casino no financial
industries become the house in the house
always wins especially when they fixed
the game
that means the rest of us who you and me
are the marks in this window
you know we never agreed to take part in
the first place but perhaps the biggest
gambles been doubling down on the idea
that unregulated corporations maximizing
their own greed is the best way to run a
country this largely republican ideology
is fails mccurry vs would vote for good
if it weren’t for mountains of corporate
cash buying offer politicians
but he still have any doubts to check
out american casino
and ponder the wisdom of leading
corporations gamble with our lives
from jonathan kim missus everything
so jump i want to contradict his ex-wife
sub-prime stand than what’s being done
so why did people want to push everybody
in the sub-prime since postal products
what’s the benefit
for the bank is they get more points of
interest basically on those loans
because there was considered like most
of you know
he believes sub-prime taking to someone
who had a greater risk of maybe not
paying it back so it’s like okay sort of
you know
to cushion that word yourselves more
percentage points and
there’s a study that found that on a
loan of a hundred sixty five thousand
if there’s a three percentage point
difference and the interest which is
easily with the difference in a prime
minister prime dot at at up to a hundred
thousand dollars in extra interest
payments over the life of the loan
and therefore the
people who are getting some prime
they’re getting screwed because they
have to pay that extra hundred thousand
and makes it harder to pay
and then more likely to foreclose on
that house
yeah roughly right debasement that and
also like when the rates are resetting
in everything and all you know so that
at first it bites babies we get
sweet talked into the into these deals
by the realtors like oh no it’s going to
be fine don’t worry about it
will make the loan work in one thing
that they talk about in the movie was
that people just falsify like the
realtors has falsified paperwork you
know that were they were just do it lie
about how much someone made
or they would sneak in paperwork like at
the end fight right when people are
going to sign bcd anything they could
to clear the sub-prime loan because they
got money at the same at the sale of the
not whether got paid off
all right so they don’t serve those
bongos possibility to people who can’t
pay it off anyway right
so that’s why these at the time but yes
right now so widely couldn’t choose the
racial minorities specifically why not
swindle everyone equally
because i think they felt like they
would have a better chance of doing it
in these minority communities especially
liking poor black communities where
there isn’t a lot of high uh… there
aren’t a lot of people owning homes if
they don’t have a lot of experience with
also the fact that these people have
been rejected for loans so much in the
past and everyone wants to own a home
you know it is the american dream so
they’ve been deprived of this for so
long and all this and they hear bush
saying hate minorities gone by houses
and all these realtors say hey we’re
going to help you do it will help you
get in whatever house you want
it’s going to be great payments are
going to be lolx you know you know then
you can refinance later when the prices
go up a time your repeat and asked me so
it’s more money again
but relieved it was just
faith is considered it was really just
kind of straight racism like there
there’s a case right now of of the city
of baltimore verses of wells fargo
and there’s a loan officer he said that
that there are
that they call blacks mud people and
sub-prime loans as ghetto loans
him so they were pre and then they
actually had people trying to influence
black church leaders because they
thought they would be really good
advocates in encouraging people to buy
homes and things like that
so that’s that’s a great double screw
over here for a few discriminate against
them so that they can get home
and they say all of our don’t worry now
we’re going to get into the homes
at rates that you know lower interest
rates and so that our unsustainable
yet i wanna make a buck off these guys
and then in the have all federal credit
history exactly like that something like
the term in what that’s called an with
your targeting those minorities is
controversial headlining
the original redlining was basically
within the it was accepted practice
words like you have mapped and the green
areas which are usually the areas where
the white people lived
you made a green outline of that of that
a recent yeah you know invest there like
that’s a good place will pay off and the
black areas
you made a red blinder printhead though
that those are the two redlining favors
those like the read like the red line
was like a deal don’t put money in their
that’s not good but now the reverse
redlining is of those people like they
don’t know what’s going on they can’t
repay their loan specimen awesome for us
because that means if we offered to
amend say they can get it they’re going
to jump on it
that silly said that there might be
thing you will
okay i don’t get it now if they know
that these laws are going to work right
why would anybody do this and so they do
it because they’re going to get give the
los other people write but why would
anybody buy those crap what’s right
why they buy them and what they do with
yeah that something like visa assisting
either money up front
they didn’t have to worry about whether
they’re they didn’t have to worry about
whether it was going to
the people actually going to pay them
back so it’s like
you know if i sell your car for ten
thousand dollars and i guess i was in
but i know the cars can explode in a
unlike ok will help out all have and
that she’ll be in charge of what are you
click the nine thousand dollars in all
all sell her that nine thousand dollars
actual collective actually
and then i will have to worry about it
anymore so they really didn’t care
houseplants right now but the question
is why sanatorium at nine thousand
dollar reps right
but what they did was that they would
take the nine thousand dollars and they
chop it up until like nine different
they put it in with other more guns that
were ok that were less risky or some
that were risk it all the jazz later at
night was called a cd up okay
and then they differentiate rating
agencies to say hello this is what some
of the worry about it for blood the
excel at all to your pensions box
and to the state pension funds and sit
institutional investors like that
so that you were born
okay and it doesn’t have any more john
doesn’t have a more you alone okay
because i like to know
but the actual to asylum at the end is
then they make a bet
against the berry loans that they knew
were crap in the first place
they said well at these loans go bad and
this is a credit default swaps and
the fellows go bad
that we get paid off
well camille
they made the loan that they knew i was
going to go bad
they have paid ever goes back
exactly what i like will this
hypothetically going to get paid for
that loan but that’s the problem and
that’s why he idea went down was because
the banks are like
uh… you know restricted both swatches
and sheets debts that they’re going to
go down he would you ensure s you know
if we have to pay off that may edges
like yeah i sure whatever
so they insure all of the all of these
bats and then when it all goes down
though like what we can’t pay those same
with expects intensive you know
taxpayers and and uh… i saw an article
by michael hirsh of newsweek today
jennifer where he talked about
the london office of a q_-tip mate
insure everybody
and how stupid the guy who ran it was
how do you make all that it shows with
no way of paying it it’s not how you
doing dresses ridiculous right sat not
supposed to be how you did
directorate buddies on several this he
made all those
you know deals
and he got paid
just like the sop prime guys there or
doubt further down the chain right heat
norma sponsoring at like six hundred
million dollars in bonuses
so what part of that at stanford
and of the blows up on edgy
gives a damn donating
the articles money out of a chicken are
not the idea and joe like i got my
medicaid edit some companies a bunch of
people on the roles that i wrote a i did
all that the taxpayers get stuck with a
belt op
also i think that that’s mentioned in
the in the movies that like
you know those businesses that the
science of giving one’s of of
evaluating people on a valuing things
deciding where these are safer not like
the whole banking industry has you know
hinged on the safety of making safe
loans they know how to do it
but they purposely didn’t do it like
they all they can either plead bite
unbelievable incredible stupidity to the
point that review and i can’t even
fathom or they did on purpose
to their benefit which would you have a
it’s just like the democrats deserted
losing on purpose ok reserve or are they
incredibly stupid i think it’s more on
so so now with its of course week on the
question of what we would do about it
so what has been the proposal so far
let’s start there and see if there’s
been a worker right that is the
right now there’s the mortgage reform in
interest or anti predatory lending act
it passed the house with with three
hundred three hundred seventeen fourteen
votes sixty republicans were against it
obsessive your four hundred eleven were
disassociate committee right now
and it seems like this is really it’s
going after an entire predatory lending
in saying that like you can’t devote you
can give alone if you think that the
person can’t pay it back yeutter retain
a five percent stake in that loan so
that way
still have with a call soon in the game
games the actually assigned to lose we
want to sell the whole thing off
i mean it all sounds like you would do
would be alright but like the problem is
right now that until this thing passes
there’s a lot right now that the
the federal government controls all
you’re basically regulates all the banks
and they don’t have any and any anti
predatory lending laws in place states
want to do it
but they’ve been losing cases there’s a
case and i mean people two thousand
seven waters verses work will be a bank
where work will be a split off a
subsidiary in a state of chartered it
with the state
to do mortage is but then the supreme
court five to three said
no no that’s what cody is a nationally
chartered bank so it still is still
under national regulation
as a rotten as you think
the bush administration it’s when you
get into the nitty-gritty details
it’s much more rotten and you can
because there were actually state
regulators who said while wall that
sub-prime substance s right and this is
a ticking time bomb
regulated a little bit ghetto under
control right
and the bush administration came in even
before the supreme court rules that
know there’s a federal matter
you trying to regulate people
well with that no way no way
we let them run amok and that after
they purposely let them run amok
did not allow the states to pursue any
of this and the right wing supreme court
turns it down ok and lets them run loose
and then it all explosive often don’t
get a sitcom
but except all the same regulators who’s
not having hulu actively stopped
you know if the war you look into a the
worst of it yet and then in that water
sources mccovey bank
it was the
attorney generals and bank regulators
from all fifty states
we’re like no you have to let the states
dealer in the supreme court’s lighten up
sorry yet so i know we greatly i do this
is that now
look bill
bilbao’s response in my opinion has been
so you have to have
of you know
five percent
desk in in the game is john explain
at sixty five percent or more
they make more than that
the intercepted charging up front ok
five percent of
comical number when they first said hey
you’re gonna have to keep a peace alone
that you make
excellent that is one of the things that
very very important and needs to be done
also took a look i would say you should
keep the whole
now people say i don’t think that’s
unrealistic sucks up i’ve been a fifty
percent maybe thirty three percent
worst-case scenario yet at least portal
when they come out with this
five percent
it’s a joke
and having trouble getting that
through ref has gone through the house
is done explain
the banks are fighting them to finance
that is another problem
and this is one of them
regulations that their hoping to push
through i think
every single one of them
is super weak sauce
and even those are not going to pass
at least passes
they didn’t do it wendy him the money
record they were desperate now the banks
are back to doing the same exact rex and
a lot of cases
especially with the relatives
why the hell they agreed it in their
get exactly i mean this is you know this
the sub-prime thing was what started it
but then there was the way please
the continuing wave of people who are
who are for close to your house for
clothes on because they lost their jobs
and there was an article today about the
option arm loans
that are
that meeting as we speak him this one
guy said like is that we do the shoot if
all it’s falling and in this impair is
another a hundred and twenty thousand
payment option arm loans that are about
to reset over the next year
what our options bad budgeted said
you often sublease the mortgage where
you offer an option to pay only the
interest rate
are the only interest each month low
minimum payment and then u_s_ but then
that leads to a rising balance in the
loans principal and says that when these
things go out when the reset the monthly
payments can be five to ten times
what they are right now
okay fiscal foot on that note to say
about everything you know if you’ve ever
if there are more if you had a loan
they said don’t worry i have to pay the
press release pedal interest right near
bucket except here europe at the bait
five times of your pain
or ten times of your brain
is that conceivable can anyone really
make paid that head up
and it’s like a literally like loan
imagine your rent pick-up went up by
five times he’d be a grand met this
month in the next week at the pay five
grand or ten grams and you could keep
paying that five or ten granted leave it
unless you have the lottery
all of those loans
arguments will
that’s a whole new rather foreclosure
and that’s straight as a whole new
domino effect
and that they had a domino effect
without john back here
and wit with a new documentary and that
one the republicans say yet and the
democrats and the democrats and they
will say no one could see scott
who would know that the option arm loans
we’re going to work out
and that’s how the system
notes we took that was approved by the
war yet at the appropriate so that i
would fitzroy you protected
bystander rethink review say that i need
to as yours as always and are will be
backyard first

11 thoughts on “Jonathan Kim Reviews American Casino”

  1. Who would? Not TYT, that's why this one review is 18 minutes long whereas the Kanye clips are far shorter. Not YouTube, tv broadcasts are often subject to strict copyright laws.

  2. I guess Obama is one of two things – a coporate shill or an idiot
    I wonder which one?
    (You know once a called Obama an idiot and people were really offended)

  3. I just saw this movie at the Beverly Hills Music Hall theatre. Believe it or not, you should see this film at a theatre because it's a good looking film. It was either shot on film or on very good quality video.

  4. The levels of intentional, institutional corruption are so many and so deep, we stand very little chance of getting out of this. In an ideal world, the people responsible would be held to account.

  5. Watching things like this just remove absolutely all doubt in my mind that one day we will wake, similarly to the way we woke up on 9/11, to see images on the news of a smoking heap of rubble where there was once a building at 85 Broad (Goldman Sachs).

  6. Funny we should see this so much differently now. But you are right JejuLee. We look now at the destruction of the Financial Institutions completely different, don't we. No one wants to see Americans die…but you know what, maybe we should find a way to foreclose on these assholes!

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