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Paul Murray's weblog, with news you may have missed and my $0.02 worth on a number of topics. "You can't make up anything anymore. The world itself is a satire. All you're doing is recording it."
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Thursday, August 23, 2007
Not everyone's a victim.
Media critic Howard Kurtz makes a valuable point today: "Everyone who is defaulting on a home mortgage is not necessarily a victim." I feel sorry for anyone in that situation. Losing a home is an awful thing. Some were undoubtedly pressured into buying by unscrupulous lenders. Too many greedy players on Wall Street got away with making shaky loans for too long. They sliced and diced mortgage debt into increasingly exotic paper and lost sight of the risks involved, figuring the Fed would bail them out if things got out of hand. Labels: economics, media, mortgages
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