Bernanke Puts It All Together...

Thank you, Fed chairman Ben Bernanke, for finally figuring out that the housing/mortgage crisis that has ruined so many lives is possibly the fault of the dirtball mortgage companies and their questionable array of products designed to put even the steadiest middle class homebuyer's finances into the crapper. Wow, that was a long sentence.

It seems that, since the beginning of this crisis, the borrowers have absorbed the lion's share of the blame, being all shiftless and irresponsible, causing the downfall of these nice, caring loan companies who just want to help people realize the Great American Dream of being house-poor. If those lazy borrowers would just stop losing their jobs and refinance those ARM's in time, everything would have been OK, Old Yeller wouldn't have had to be put down and Jon Benet Ramsey would be Miss Colorado by now.

But the Fed has finally come to the realization that the lenders might not be the shining white knights they have pretended to be. Rather, they have been preying on the desperate to increase their numbers and move product. I'm just a little old artist, Mr. Bernanke, but even I know that a family with a $40,000/ year income can't possibly pay off a $300,000 loan, especially an ARM. It's like the heroin dealer pulling in the addict. It's downright cheap at first, then next thing you're auctioning your baby on a street corner to pay for it.

These lenders have been the first to cry poverty, and the first to get any relief from a Bush-league White House. But that's the typical Republican-tinged response; help the companies, screw and blame the individuals. The greed of the lenders, realtors and speculators got us into this mess, just as it did back in the late 80's/early 90's. There was a Bush in the White Hose then, too. Coincidence or not?....