Thursday, October 16, 2008

Once again, the poor are being accused of causing the current economic meltdown

Here's one more op/ed comic that caught my eye and goaded my conscience. I've heard a variation of this line several times over the past two weeks. Who caused this crisis? The poor! Why, they should have never been allowed into the home ownership class. You offer them a piece of the pie, and they can't pay their mortgage like they promised. Not our fault, say the lenders. They overextended themselves--probably lied about their income and assets! Predatory lenders and investors clamoring for ever-bigger dividend checks get a pass. They were just doing their jobs. Better yet, they were being noble and patriotic by "helping" their "less fortunate" fellow citizens get a piece of the real estate pie with a no-questions-asked, adjustable-rate sub-prime mortgage. It's not predatory lenders and greedy investors' fault that those pitiable fools bit off more than any sane person in the finance industry knew they could ever chew. Tsk, tsk.

I welcome your comments and/or questions in the spirit of dialog. Share yours by clicking on "comments" just below. They're moderated only to reduce incivility. Shalom!

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Your tasteful comments and/or questions are welcome. Posts are moderated only to reduce a few instances of incivility.