The fraud-oriented bankers who made all those risk-laden loans as well as the greedy housing market speculators deserved each other.
But tragically the economic hardship is sweeping through the U.S. economy. It is causing hardships for almost every sector of U.S. society.
The housing melt-down due to those sub-standard loans reminds everyone of Ronald Reagan's mantra "Get the government off people's backs" and how a permissive attitude toward business applies to the current cheating bank officers' scenario.
Tuesday, July 8, 2008
The most basic and straight-forward recitation of the current calamity that I have seen.