Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
The Foreclosure Fiasco and Wall Street's Shrug | The New York Observer
"The first thing that needs to happen, I think, is to get these people out of their homes," a man wearing a bespoke blue-striped shirt, a Hermés tie patterned with elephants and Ferragamo loafers said recently.
...
In order to understand Wall Street's shrug during this foreclosure crisis, which as many as 40 attorneys general are expected to announce an investigation into this week, the key is to appreciate just how deeply connected the gesture is to Wall Street's view of who's to blame for the financial crisis.

The feeling, the idea at the bottom of all the others, is that even if Wall Street aggravated the crisis by bundling and betting on mortgage-backed securities that turned out not to live up to high ratings, it was not a matter of, as Citi chairman Richard D. Parsons told The Observer this summer, "bad people trying to do bad things." The loans wouldn't have been there in the first place if American home buyers, driven by what The Weekly Standard calls immediate gratification without personal responsibility, hadn't overstepped their bounds.

Hat tip Paul Krugman

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Sat Oct 16th, 2010 at 06:33:34 AM EST
[ Parent ]
it was not a matter of..... bad people trying to do bad things." The loans wouldn't have been there in the first place if American home buyers, driven by what The Weekly Standard calls immediate gratification without personal responsibility, hadn't overstepped their bounds.

the narrative of blaming the poor is well established and is being put out as much as possible. just like the banking crisis two years back, it may not have been a case of bad people doing bad things, but it was definitely a case of incredibly greedy morally challenged people finding themselves encouraged to do things that should have been illegal

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Sat Oct 16th, 2010 at 06:42:37 AM EST
[ Parent ]

Display: