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