Monday, December 5, 2016

Ms. Colebrook Regrets

I’m shocked, shocked.

WASHINGTON (AP) — When Donald Trump named his Treasury secretary, Teena Colebrook felt her heart sink.

She had voted for the president-elect on the belief that he would knock the moneyed elites from their perch in Washington. And she knew Trump’s pick for Treasury — Steven Mnuchin — all too well.

OneWest, a bank formerly owned by a group of investors headed by Mnuchin, had foreclosed on her Los Angeles-area home in the aftermath of the Great Recession, stripping her of the two units she rented as a primary source of income.

“I just wish that I had not voted,” said Colebrook, 59. “I have no faith in our government anymore at all. They all promise you the world at the end of a stick and take it away once they get in.”

Less than a month after his presidential win, Trump’s populist appeal has started to clash with a Cabinet of billionaires and millionaires that he believes can energize economic growth.

The prospect of Mnuchin leading the Treasury Department drew plaudits from many in the financial sector. A former Goldman Sachs executive who pivoted in the early 2000s to hedge fund management and movie production, he seemed an ideal emissary to Wall Street.

When asked Wednesday about his credentials to be Treasury secretary, Mnuchin emphasized his time running OneWest — which not only foreclosed on Colebrook but also on thousands of others in the aftermath of the housing crisis caused by subprime mortgages.

“What I’ve really been focused on is being a regional banker for the last eight years,” Mnuchin said. “I know what it takes to make sure that we can make loans to small and midmarket companies and that’s going to be our big focus, making sure we scale back regulation so that we make sure the banks are lending.”

But the prospect of Mnuchin leading the Treasury Department prompted Colebrook and other OneWest borrowers who say they unfairly faced foreclosure to contact The Associated Press. Colebrook wishes she could meet with Trump to explain why she feels betrayed by his Cabinet selection after believing that his presidency could restore the balance of power to everyday people.

“He doesn’t want the truth,” she said. “He’s now backing his buddies.”

Not to be too cruel to Ms. Colebrook, but it’s not like the warning signs weren’t there from long before Trump ran for president.  But no, you decided to go with him anyway.

The reason she’s a news story is that the vast majority of Trump voters who got screwed by the system he flaunts and sells will not recognize that they’re the ones still getting screwed.  When Obamacare goes away and their insurance either goes through the roof or just plain goes away and when the deficit soars back up to 2008 levels thanks to the ginormous tax cuts whooped through by the GOP, they’ll find a way to blame it on President Obama and the Democrats.  The next recession — and there will be one — will be called “Obama’s Recession.”  The next hurricane will be Obama’s Katrina.  And when Russia takes over Ukraine, Syria becomes an ash heap, and China hikes their tariffs on their stuff sold here, guess who will get the blame.

We told you that, too, Ms. Colebrook.

2 barks and woofs on “Ms. Colebrook Regrets

  1. I’ve seen this story a lot of places now. People either knew what they were getting and ignored it or voted for “change” without considering whether that mean “progress” or just “blow things up.” I don’t have any sympathy for this woman.

  2. The right has been peddling the “once we’re in power, we’ll change the system” line, and their followers interpreted that to mean “things will get better”. Wisconsin, Arizona, Florida, Kansas, and Michigan are five states where things did not get better, and in various measures, have gotten worse (except for those businesses getting tax cuts). And those tax cuts to entice businesses to create jobs? Those aren’t high paying jobs – here in Arizona, most seem to be call center jobs.

    Speaking of Arizona, most (R) voters didn’t understand what Proposition 123 (funding of schools from increased state land sales) was really about (quashing inadequate funding lawsuit), and don’t realize (contrary to the Governors statement) that there will be no other funds for schools from the state. If the voters want building repairs/improvements, newer buses, increased teacher pay and the like (right now the estimate is around $650 million for all that), they’re gonna have to vote higher property taxes and/or sales tax increases – the state budget in in the red right now, and there are more business tax cuts to be phased in through 2020 – on top of the ones the Governor wants to add. We’re gonna out do Kansas at this rate.

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