As the economic crisis drags on FOX news is doing what they always do; spinning the bullshit. Listen to this Dude gleefully tell us that the blame for this rests squarely on the poor. Then he broadens that to the Democrats.
It is true that an under addressed part of this whole mess is the idea of personal responsibility. A lot of people bought homes they could not afford. But they didn't just walk into those banks and demand money for a home way outside their price range. First a lot of very wealthy REPUBLICANS lobbied the government to do away with those pesky regulations.
Then those banks started an aggressive marketing strategy based on one of the foundations we all heard growing up; The American dream! That is the goal of every red blooded American who works hard and plays by the rules. Right? Buying your own home. When an inch thick packet of paper work all written in legal jargon is drop in front of you, you ask questions and I bet a lot of those people did ask, "Can we really afford this?" and I am fairly positive that most of the time those bankers said, "Of course you can!"
The President went on TV and directly told the American people that one of the fruits of REPUBLICAN rule was that they were going to make it an ownership society. He gave a speech and talked about doing away with the rules that kept so many poor people from living the American dream. Then the economy started to sour. Maybe it was the failed war of choice against a country that had nothing to do with 9/11 for 10 Billion a month. Maybe it was the oil speculators that drove the cost of filling up your gas tank through the roof. Maybe it was the net loss of a few million jobs from the economy. Maybe it was financing our national debt with loans from our biggest trade competitor, China. Maybe it was the government allowing typical banks to merge with investment banks that played fast and loose with other peoples money. Maybe it was the Billions of dollars paid out to wall street hot shots. Whatever the reason a lot of people couldn't make it. They walked away and defaulted on loans no responsible banker should of asked people to sign. Maybe there is enough blame to go around but the poor out number the rich and I feel a day of reckoning approaching fast, Greg.