PJ Media

Honest Jon, sorry about the house, but if you had a solid credit score and a real down payment, you would likely have had a different kind of loan altogether, and you’d still have a chance. Sometimes decent people simply come into a stretch of bad luck (sounds like your case), but that IS NOT what has happened here. What happened is huge numbers of Americans bought houses they could not afford with very little liquidity, a mountain of personal debt, and an entitlement attitude, while the financial institutions went and sold that debt in fraudulent vehicles modelled on idiotic premises, all around the world, and did so while leveraging themselves upwards of 30 to 1. This created a huge financial bubble across all sectors of the INTERNATIONAL economy that has now come to an ignominious end, except in US government spending where it continues at a breathtaking pace.

And spare me the “greedy rich, greedy rich” bullshit. It is lazy, inaccurate and you sound like an idiot when you say things like that. Greedy crosses all levels of society, it just manifests itself at different scales. When you run around saying such stupid things, you encouage the equally stupid mob to run around with pitchforks looking for greedy rich people, and all you actually do is open the door foe a populist demogogue to lead you around by the nose chasing his personal obstacles to power. Once they are gone, you’re all in the fire. There are plenty of people, debtors and lenders who should be facing jail, fines, and disengorgement, but in order to figure out who those people are we are going to have to actually think and investigate, because the people who made this mess are not stupid, have very powerful friends, good lawyers, and lots of cash, and they are not going to make it easy for you. In fact, they are most likely the ones who will be pointing the fingers at “greedy rich” people telling you to go get them.