The mortgage crisis is nobody’s fault
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mortgage crisis, rate cuts April 8th, 2008by DP Opinion
The mortage crisis is not the government’s fault. They have been telling us since the 1980s that business, once free from the shackles of regulation, will thrive, thus stimulating the economy and trickling down wealth to everyone else.
It is not the fault of largely unregulated business for downsizing, outsourcing, and building factories overseas. They owe nothing to the few hundred thousand workers who lose their jobs in the process of maximizing wealth for their stockholders.
It is not the fault of the unemployed worker who took a mortgage on the promise of better times ahead from his employer. And business had never been better, especially for the mortgage broker.
It is not the mortgage brokers’ fault for making money hand over fist on these loans. Free enterprise provided a flood of cash from the lenders.
It is not the lenders’ fault, because they are one of those unregulated businesses that the government refused to regulate so they could stimulate the economy and trickle down wealth to the rest of us.
It is not the government’s fault for spending our tax dollars to bail out these lenders. If these businesses go belly-up, then the economy suffers and … see, it is nobody’s fault!
Tags: mortgage crisis, rate cuts
