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• Thursday, August 16, 2007 10:20 PM

  Ditto to "Greed"

  Sure Wall Street has its share of the blame to take, but it is just a piece of the pie.

  Apart from greedy fund managers we have:

  Greedy mortgage companies clearing bad debt as good secure in the knowledge they could sell it on.

  Greedy mortgage brokers desparate to make the sale and collect their commissions knowing there would be no repurcussions.

  Greedy real estate agents steering their clients towards dodgy financing.

  Greedy buyers who just had to have that Home and Garden house for $600k on their $70k salary, and had to have it NOW.

  Greedy homeowners who wanted the TV/car/vacation of their dreams, using their home as a piggy bank.

  And lets not forget our greedy government, desparate to pump up a false economy based on rampant consumerism and credit in order to appear fiscally capable. But of course, our government is incapable of living within its means too.

  Oh and by the way, it's not just subprime that is hitting the skids. Alt-A and Prime, supposed to be good, is faltering too. Because guess what, even people with good credit get greedy and want more more more, now now now, so they lied about their incomes and stretched to "buy" that trophy home.

  It's the culture stupid. And it is getting time to pay the piper while the fat lady sings.

  —AnthonyB Read AnthonyB's other letters
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