Good morning!
As I listen to the talking heads babble on about who's to blame for the initial failure of the alleged leaders in the alleged U.S. Congress to get an alleged deal done to stave off an alleged financial crisis, I am reminded of
another great moment in democracy, when the people got to decide their future. I mean, if he says he's on the level, he must be, right?
It strikes me as funny that people seem to have forgotten ... everything that has preceded ... everything. I mean, there is no mystery here. This was a crime that happened in plain sight. We have it on video. It should be easy enough to convict, if that's what everyone wants to do now. The cause of the problems in the housing market were not caused by lack of regulation (we have plenty -- an imperfect system, but a pervasive one), people who were poor credit risks (the worst sectors have been investment and vacation properties), or corporate "greed" (corporations are required BY LAW to seek higher profits for shareholders).
Simply put: Adjustable rate mortgages = people were unprepared to pay higher amounts when the rates adjusted = defaulting on loans. That's all it takes. One bad financial product, sold to thousands or millions, will cripple an economy when given the proper leverage.
More importantly, MUCH, MUCH more importantly, in fact, people fail to realize that refusing this proposal, which was actually pretty innocuous, if not flat-out
beneficial for the average person, will cost them money and maybe their jobs. Good move, Springfield. That's not the say the plan was perfect, and again, maybe we just need to do some financial growing up, but what a way to do it.
We could have went to rehab and taken oxycondtin, but now we're gonna go cold turkey. It's gonna be a heckuva withdrawl. Are you ready for that, America?
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