I was never able to get in on a mortgage or a 401k. Because I put all my money in cash and comics I still fell pretty good about my chances of making it through this recession. Despite the fact that every news service I read or listen too is full of fear of looming crisis’.
And since I’m completely uninvolved with fiance I am free to lay blame all over the place:
- The Reagan Administration – What really trickled down was the idea that creating massive amounts of debt that can’t ever be paid off is acceptable. The local governments and private citizens took it up. America doesn’t make products anymore, we make debt.
- The Clinton Administration – For forcing banks to get people into houses who really had no business holding mortgages. The Good Intentions Lending Company.
- Predatory Lenders – Who resold bad mortgages as soon as they made them, free from consequence.
- New Homeowners – Who should have done the numbers to see if they really could afford those payments.
- An unregulated CDS Market that turned insurance into another system to game and exploit.
- But most of all The Bush Administration – Not just because I like blaming Bush for everything that ever went wrong, ever, but they’ve done a piss-poor job of enforcing the law. Of prosecuting the white collar criminals who make up the Republican base. And really, what else did we expect? When you put a couple of ex-CEOs in charge they’re going to plunder the system for short term gain and run it into the ground.
Never having had much money myself I don’t know how I feel about other people’s money disappear. But as housing prices and stock prices drop I gotta believe that the main reason these values are falling is because they’re just not worth that much.