them losers, some people did buy more than they could afford and lied when applying for a mortgage and others used the growing equity in their homes to live beyond their means.
Others are having problems because of an illness, a job loss or because they were lied to by a "professional."
But Begala needs to check his facts on Santelli's position on the bank bailout and the derivatives which are traded on the CME.
WH Press Secretary Gibbs made the same connection to derivatives that Begala did and implied that Santelli was for the bank bailout.
IMO they need to be more honest when arguing their position, although it seems they rely on people not knowing some of the facts.
http://www.globeadvisor.com/servlet/ArticleNews/story/gam/20080924/RPARKINSON24"Yesterday, U.S. Securities and Exchange Commission boss Christopher Cox turned up the pressure on over-the-counter derivatives, a massive, unregulated segment of financial markets that is increasingly being cast as a leading villain in the global credit crisis. Mr. Cox called on Congress to give the SEC power to regulate credit default swaps (CDSs) - a rapidly expanding class of derivatives that serves as a form of insurance against borrowers' defaults, but which have become prime suspects for market manipulation and risk mismanagement in the recent market meltdown.
"The $58-trillion (U.S.) notional market in credit default swaps - double the amount outstanding in 2006 - is regulated by no one. Neither the SEC nor any regulator has authority over the CDS market, even to require minimal disclosure to the market," Mr. Cox said in his testimony to the Senate banking committee. "I urge you to provide in statute the authority to regulate these products to enhance investor protection and ensure the operation of fair and orderly markets."
...But while OTC derivatives fall out of favour, there is evidence that investors are increasingly turning to their regulated cousins, exchange-traded derivatives - the public futures and options markets. That's good news for CME Group Inc., the publicly traded company that, through the Chicago Mercantile Exchange, the Chicago Board of Trade and the New York Mercantile Exchange, is the world's biggest operator of regulated derivatives markets...
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