03.18.08
Who is responsible?
A little market correction?
Well, it’s not exactly a market correction, since Bush has decided to bail out the greedy and irresponsible bankers who have scored the most profit on this disaster. In fact, it’s not anything like a market correction at all.
Even during the height of the Savings and Loan debacle, no one would have ever proposed that people who can’t afford to make mortgage payments in the first place should be given mortgages that it will be impossible for them to pay off when payments balloon. “Subprime mortgages” as we know them never existed before. They were illegal to create and market.
So who made them possible? What regulatory agency agreed that this was a good idea? It is what the whole house of cards is built on, right? Well, at best. I would like to hear Alan Greenspan address this one.
