"..almost single-handedly is responsible for bringing AIG down and by reference the economy of this country,"Heavy and heady stuff coming from a Congressperson. Evidently Ms. Speier thinks the genesis of the entire problem--widespread mortgage defaults that began in 2007 and rolled the entire housing industry along with Cassano's gambling profits--are to be held entirely blameless.
And not so long ago Ms. Speier had this to say on the Larry King Show:
Well, I would say that for those individuals who have gotten into those subprime loans, who are about to lose their homes, we've got to have some consistent way of looking at whether or not they can stay in their homes. And the cram down is not necessarily going to reduce the principal at all. It's going to reduce the actual payment they make. It may extend the loan. It's going to reduce the actual interest rate.The emphasis added part kinda sounds like some blame. And it should be. So let's be reasonable here, Ms. Speier. This disaster wasn't the single-handed result of Cassano or Frank or Bush or Joe Main Street, it was a collective epic fail beyond all imagination rooted in greed, envy, and naivete. Putting bullseyes on specific individuals, no matter how seedy or greedy they might appear, ignores the overall problem and hinders the public's understanding while increasing rage. Let's stop it.
It's not going to be something that's going to work for everybody. Some of these people are way over their heads and shouldn't be in these homes.
1 comment:
Well said sir.
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