Letters to the Editor
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S&L, Sub-Primes more than superficial
There are at least two things that these Friedman inspired debacles have in common. The first; Greed. The second: a system that, with no oversight, has preyed upon unsuspecting people. I am not just alluding to the millions of people who trusted mortgage brokers. Who in the past sold used cars, with transmissions full of sawdust and crankcases with 60 weight motor oil.
I am aware of the argument that those who failed to read their mortgages have only themselves to blame. However, consider all of those banking experts who were more than willing to buy those bundled loans. Where was their smarts? Where was the consideration that those knowledgeable professionals should have given to the "dodgy" SIVs?
They too were hustled by that group of people who outright lied and misled all who came too close. Just as looking at Medusa would turn one to stone. So have those who bilked the system petrified the world's economy. Now, banks and communities around the world have fallen prey to their greed.
footsore