March 04, 2009

Mortgage Writedowns... I'm THRILLED

... Jane is pissed as hell, mostly because she doesn't get the long term impact. Nor does she understand THAT THE HOMEOWNERS BEAR JUST AS MUCH RESPONSIBILITY AS THE BANKS.

I'm TIRED of the 'the-banks-screwed-everyone, now-let's-screw-them' bullshit. Not only because it's based on a patently false assumption (that banks engineered loans for foreclosure), but also the fact that it fails to acknowledge the long term impact to the financial infrastructure of the US that will be caused by the judiciary being given arbitrary authority to write down debt on hard assets.

People need help. I have no problem helping them. But fucking over banks in the process fucks us all, more slowly and over a longer period of time.

Posted by mcblogger at March 4, 2009 10:49 PM

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