I am so tired of everyone blaming the economy's current condition on politicians. Seriously, while Bush's politics and the Black Caucus seem to be bearing the brunt of the blame, I'm wondering when the banks are going to shut up about their current cash flow crises long enough to think about the fact that they are the ones to blame.
The fact of the matter is that the banks opening their can of worms with sub-prime mortgages has been a direct cause of the slump in the economy that we are now experiencing. It's the people who decided they should be able to buy a home whenever they had the bad credit and knew that at one point they wouldn't be able to make the payments on their mortgage. It's the banks who thought it was a good idea to grant ARM's to people who had bad credit.
I'm so tired of everyone pointing figures and begging for help to bail them out of the messes that they got themselves into. Will anyone be accountable for their stupid decisions anymore?
1 comment:
I don't know how much of an impact this has on it, but policies that force banks to serve the "underserved" population have been mentioned also. As an underwriter, those are forced because they're bad business choices, but politicians want banks to be more "fair." Who knows, but politics have a bit to blame as well.
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