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Blame the Victim Rules the Subprime Debacle   "Anyone get the impression as I do that the scene is being set for placing the blame for the economic crisis on those hapless people who were so inconsiderate as to put everyone at risk by actually taking advantage of what they saw as the opportunity to get their piece of the pie? Yes folks, alternative viagra drug the reason the wheels of high finance are now gumming up is you or your neighbours utter selfishness in wanting a decent roof over the heads of your families. Alternative viagra drug How thoughtless and unpatriotic of you to throw caution to the wind. Max Wolff notes the mindlessness that has become a feature of commentary on the financial crisis where mouthing "subprime" a sufficient number of times seems to absolve anyone from actual analysis. Alternative viagra drug The following from Credit Backwash August 21, alternative viagra drug 2007 "Every day we watch people blame sub-prime. Alternative viagra drug Sub-prime is neither contained nor, alternative viagra drug is it the essence of present trouble. Alternative viagra drug Discussing sub-prime as the cause of asset re-pricing has become ubiquitous. Alternative viagra drug I would liken this line of explanation to the way that American urban violence is often discussed as "gang related" or "drug related". Alternative viagra drug In short, alternative viagra drug it is a lazy catch all employed to avoid scratching below the surface. Alternative viagra drug ..." The truth is it seems that it's not only in the housing mortgage sector that 'liar loans' have been the fashion. "A huge credit bubble exists and extends far beyond sub prime mortgage distress. Alternative viagra drug The global bubble is enormous and has many sub-component bubblettes. Alternative viagra drug The internationalization, alternative viagra drug integration and expansion of finance extended and distributed the effects of overly cheap and easy credit. Alternative viagra drug (snip) This industry swelled as trillions of dollars in mortgages were written over the past few years. Alternative viagra drug Every obstacle to further lending was innovated around to allow profits to continue to flow. Alternative viagra drug The risks of all this lending were less pressing as mortgages loans were made to be sold- not held. Alternative viagra drug All the available credit bid up house prices and led to the false conclusion that houses were always safe, alternative viagra drug appreciating assets. Alternative viagra drug Questionable loans and sub-prime mortgages were sold and reconfigured into AAA rated product. Alternative viagra drug Risk vanished from consideration and discussion. Alternative viagra drug Transformed mortgages became credit vehicles and were sold all over the world. Alternative viagra drug Part of the mad dash now involves finding these hidden gems hiding on books and ascertaining their real value." Meanwhile over at the Pundit's Blog Brent Budowsky tells it to America straight: Gilded Age Crime: Poor Go Homeless, alternative viagra drug Wealthy Get Bailouts "Is it right that the new racket on Wall Street is that banks make bad loans, alternative viagra drug sell them to hedge funds and private equity firms, alternative viagra drug many of whom are virtually unregulated and untaxed, alternative viagra drug who then complain about their pain after they foreclose on average Americans for falling a little behind their payments? It is good that today the Fed cut the prime by 50 points, alternative viagra drug but it is bad, alternative viagra drug and terribly wrong and unjust, alternative viagra drug that in the last week the Fed has essentially used Americans' money to bail out the wealthy who made the profits, alternative viagra drug while doing zero for the foreclosed and homeless. When the banks, alternative viagra drug hedge funds and private equity firms make bad deals, alternative viagra drug they keep the personal profits, alternative viagra drug while the corporate profits are protected by bailouts. Alternative viagra drug Meanwhile, alternative viagra drug when the average Americans in the middle class, alternative viagra drug or the poor, alternative viagra drug fall a little behind, alternative viagra drug they get the boot, alternative viagra drug they lose their jobs, alternative viagra drug they are thrown into the street without homes and often without food." And don't ya just love the reasoning on RESPONSIBILITY that goes with the line of argument that runs, alternative viagra drug subprime borrowers who made bad decisions based on insufficient knowledge of what they were getting into should BE HELD RESPONSIBLE for those decisions even if this means losing their homes. Alternative viagra drug Who cares if they're on the streets since that won't affect the economy. Alternative viagra drug All they do is produce products services. Alternative viagra drug But investors who made bad decisions based on insufficient knowledge of the real values of their investments should .... Alternative viagra drug NOT BE HELD RESPONSIBLE for their decisions and should be bailed out by the taxpayer. Alternative viagra drug They must at all costs be protected from losses. Alternative viagra drug Their coupon clipping and 'premia' are essential to the economy. I think this is known as one law for the rich and another for the poor." D.D.Grant is a summa cum laude graduate in Philosophy and Economics, alternative viagra drug my career has spanned the Insurance and Real Estate industries and latterly, alternative viagra drug the IT industry in the financial transaction software sector. Alternative viagra drug Currently I continue to pursue my interests in Economic Theory and its history, alternative viagra drug whilst working on a book on the Theory of Money in which I hope to yield up all its secrets. More at: http://home-foreclosures.blogspot.com/2007/08/blame-victim-rules-subprime-debacle.html