Ugh

[wraithfodder]

Just watched the Presidential address.

So? What? Elmo from Sesame Street wasn't available to give this Dummies Guide to financial disaster? Amazing how Bush didn't say "Greed" or "government incompetennce" once...

Grrr, sorry, but the whole mess is a result of greed, simple as that.

Comments

[wraithfodder.livejournal.com]

Greed, on everybody's part. I blame Greenspan for a lot of this mess. He pimped for Wall Street, lowering interest rates so low that everybody went out for a mortgage, and banks, for being so greedy they give 100% mortgages to people who owe thousands a month.

It's insane. You shouldn't get a loan unless you have collateral. Period. And variable rate mortgages? A disaster waiting to happen. Wonder if my emails from years still exist somewhere where I groused about the idiocy of it all...