If one reads between the lines on the barrage of media stories on a topic a very simple, evolving, story.
Perhaps the most important of these today is the foreclosure 'story' - many typical conservatives would have you believe that the whole financial crisis was the result of lower income households purchasing houses they couldn't afford via sub-prime programs that were completely legal and appropriate.
The story now though has clearly changed - the financial melt down has heightened job loss problems and the shockwave from last Fall's crisis is just now starting to appear in the housing market - and the lives of millions of Americans. USA Today has a printed story on the subject with some on-target observations from Ron Sims, now at HUD.
And the fact is that a lack of financial responsibility on the part of corporate business America is what caused this problem - the finance sector oversaw an economy with declining wages and attempted to solve this by raising housing prices to 'stimulate' the economy.- and increasing their 'control' over the Country.
Granting sub-prime loans to those unable to afford, or understand, them is just one more example of this massive organized fraud. Granting credit now to those speculators who made profits from same would be but another, but still paling to the fraud against America in using the deficit to 'stimulate' the economy without the resetting of the value of all property to realistic levels.
Virtually every leveraged property owner in America is bankrupt. It's time they start paying the costs of their failure and STOP blaming the poor and the young - even the unborn for their failings.
