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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, buy mircette online 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. Buy mircette online 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. Buy mircette online The following from Credit Backwash August 21, buy mircette online 2007 "Every day we watch people blame sub-prime. Buy mircette online Sub-prime is neither contained nor, buy mircette online is it the essence of present trouble. Buy mircette online Discussing sub-prime as the cause of asset re-pricing has become ubiquitous. Buy mircette online I would liken this line of explanation to the way that American urban violence is often discussed as "gang related" or "drug related". Buy mircette online In short, buy mircette online it is a lazy catch all employed to avoid scratching below the surface. Buy mircette online ..." 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. Buy mircette online The global bubble is enormous and has many sub-component bubblettes. Buy mircette online The internationalization, buy mircette online integration and expansion of finance extended and distributed the effects of overly cheap and easy credit. Buy mircette online (snip) This industry swelled as trillions of dollars in mortgages were written over the past few years. Buy mircette online Every obstacle to further lending was innovated around to allow profits to continue to flow. Buy mircette online The risks of all this lending were less pressing as mortgages loans were made to be sold- not held. Buy mircette online All the available credit bid up house prices and led to the false conclusion that houses were always safe, buy mircette online appreciating assets. Buy mircette online Questionable loans and sub-prime mortgages were sold and reconfigured into AAA rated product. Buy mircette online Risk vanished from consideration and discussion. Buy mircette online Transformed mortgages became credit vehicles and were sold all over the world. Buy mircette online 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, buy mircette online Wealthy Get Bailouts "Is it right that the new racket on Wall Street is that banks make bad loans, buy mircette online sell them to hedge funds and private equity firms, buy mircette online many of whom are virtually unregulated and untaxed, buy mircette online 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, buy mircette online but it is bad, buy mircette online and terribly wrong and unjust, buy mircette online that in the last week the Fed has essentially used Americans' money to bail out the wealthy who made the profits, buy mircette online while doing zero for the foreclosed and homeless. When the banks, buy mircette online hedge funds and private equity firms make bad deals, buy mircette online they keep the personal profits, buy mircette online while the corporate profits are protected by bailouts. Buy mircette online Meanwhile, buy mircette online when the average Americans in the middle class, buy mircette online or the poor, buy mircette online fall a little behind, buy mircette online they get the boot, buy mircette online they lose their jobs, buy mircette online 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, buy mircette online 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. Buy mircette online Who cares if they're on the streets since that won't affect the economy. Buy mircette online All they do is produce products services. Buy mircette online But investors who made bad decisions based on insufficient knowledge of the real values of their investments should .... Buy mircette online NOT BE HELD RESPONSIBLE for their decisions and should be bailed out by the taxpayer. Buy mircette online They must at all costs be protected from losses. Buy mircette online 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, buy mircette online my career has spanned the Insurance and Real Estate industries and latterly, buy mircette online the IT industry in the financial transaction software sector. Buy mircette online Currently I continue to pursue my interests in Economic Theory and its history, buy mircette online 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