Short note today
You can read the full FT article at MSNBC.
I think it’s very brave from a politician to come out and declare that the government should do something because, from his point of view “our government failed to provide the regulatory scrutiny that could have prevented this crisis.”
However, he misses completely the point when he says that (the government needed to) “stop the unlicensed, unregulated, fly-by-night mortgage brokers who are hoodwinking low-income borrowers into loans they can’t afford”.
This crisis was not created by “unlicensed, unregulated mortgage brokers”! This crisis was created by the most important financial institutions of the country. His allegedly proposed solution that “unscrupulous lenders who deceptively sold subprime mortgages to millions of Americans should be fined and the proceeds used to help bail out borrowers facing a wave of foreclosures” is one that may hold water in a court of law as a class action law suite. However, it is not in my opinion a viable political solution because it does not address the core issue: who is responsible for this debacle.
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