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Monday, September 22, 2008

Cathy's One Thought on the Financial Crisis

How Paulson Became the New Face of Capitalism | Newsweek Business | Newsweek.com: "They were just the latest victims in the subprime-mortgage and credit debacle that has taken down banks and lenders across the country, and yanked the dream of homeownership away from millions of Americans."

How could anyone who ever watched TV NOT realize something bad was eventually going to happen to the finance markets? How many commercials for "no-interest" mortgages or "no-down-payment" or "no-credit-check" loans have we seen over the last two or three years? You don't have to be an economist to realize that those offers were just bad business--no matter how attractively they were wrapped. Now the "presents" have exploded, and we taxpayers must clean up the mess.

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