As anyone who is knowledgeable of current events can attest, a rash of foreclosures is currently sweeping the country and who’s to blame for this unfortunate occurrence…why Alan Greenspan of course. Greenspan and the Federal Reserve are to blame for not aggressively regulating risky lending practices, note that just as criminals aren’t to blame for their actions and just as the so-called “working poor” aren’t to blame for their station in life, so too are those who have been irresponsible in managing their money.
It’s the Fed who is responsible becomes Mr. and Mrs. John Q. Public purchased a home they couldn’t really afford or choose to finance that home with a high risk option only mortgage. Only a few years ago when credit was tight, the left was critical because he mortgage industry wasn’t making loans available for high risk borrowers, now it seems the inverse is equally detestable to them.
Once again the left demonstrates their long held belief that individual citizens should not be held accountable for the choices they make, instead it is the duty of the state, in this case the Fed, to hold their hands and make certain the decisions they make are the correct ones, surprisingly none of the Democrats on the Senate Banking Committee have yet called on the government to actually pay the mortgages on these homes but can that be too far off, give the current march of socialism in America.
www.washingtonpost.com/wp-dyn/content/article/2007/03/22/AR2007032201973.html
