One of the infinite number of things about which I am not an expert is economics. Despite this I'm convinced that the biggest culprit in the current mortgage crisis is a combination of bad regulation, not enough regulation, and bad actors on the financial supply side, if you will. I hear plenty of clucking about how people who made bad decisions should suck it up and live with the consequences. One of the reasons I feel pretty confident that that's mostly BS is that there are people who do seem to have some expertise, and who write about these topics in a way that seems oddly independent of the players. Hint: there aren't many in that latter category writing on the editorial page of the
Wall Street Journal.
Having gotten to the end of that long wind-up, this was
nicely said.
My heart goes out to people who don't have the luxury of prudence.
Too bad those without that luxury will probably also go without the luxury of help. However, if you lend money rather than borrow it, then providence may smile on you.
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