Not good

It’s been so annoying to hear the right wing talkers blaming the victims – whether complicit or not, they were victims – of the sub prime meltdown. You’ve heard all the yak yak yak. These people had no right to take out these loans. These people are irresponsible – they’re destroying our economy. They thought they could have it all and have those big houses. And on and on.

Well, guess what. According to McClatchy today:

WASHINGTON — Aftershocks from the nation’s financial crisis continue rumbling through the housing sector as fixed-rate mortgages held by the safest borrowers accounted for nearly 37 percent of new foreclosures during the first three months of this year, the Mortgage Bankers Association reported Wednesday.

Well, that makes me feel better.

7 responses to “Not good

  1. One of my favorite populists’ main topics here.
    Jim Hightower is on those banksters like a duck on a junebug.

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    • Thanks for the Hightower reminder . . . gotta go read me some Jim.

      I’m so disappointed at how tepid the gov’t response to all this seems to have been so far.

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  2. I think we all expected too much from Obama.
    Sometimes, the best you can do is to just do no damage. I wonder if Obama thinks that sometimes?

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  3. Typical Texan

    The system is to blame. Not the President. Not the right or the left. Not the people. But the system. The capitalist mindset of “whoever dies with the most toys wins” has been drilled in to the minds of American consumers by the greedy capitalist takers. So what do we do? We buy houses we cannot afford, we max out credit cards, we sacrifice our future and our children’s future on the alter of American commerce. We are destroying our planet. We are “mortgaging” our tommorow for a more “comfortable” today. We are brainwashed. Until we unite and share, live of the land, and have all things common, being content in all things, it is only going to get worse Moe. The capitalist mentality drilled into the mind’s of consumers and homeowners caused it all. So who is to blame, Moe, the brainwasher or the brainwashee?

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    • Texan, I think you’ve described perfectly what is wrong. But I wouldn’t go so far as to blame capitalism itself, which when under control seems to work pretty well. I would blame ‘consumerism’ which is kind of a perversion of a market. As if we exist ONLY to consume. Humans need to create, to build, to add value and to consume – all of it. We’ve gotten way off track.

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  4. We can blame all we want but it would be incredibly refreshing to hear even an inkling of accountability… “it was my fault… it was my policy… it was a flawed business practice that we created… “. I see this lack of accountability everywhere I turn.

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    • Tammy, here’s some nonsense from yesterday along those lines:

      CT Sen candidate Blumenthal – the guy who ‘misspoke’ by saying ‘when I was in Vietnam’ which he had never been -came out to make his public statement. In it, he said “I take full responsibility”. Which is very odd indeed, as if anyone, anywhere, was even considering assigning blame anywhere except to the guy who told the lie.

      It was fake. He said it to say something.

      But whenever there’s a chance to slide the blame elsewhere, that’s what we see.

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