To all posturing American politicians and anyone who is misguided enough to agree with them

[fpb]

Thanks very much for destroying our stock exchanges and our financial institutions with toxic debt invented and marketed by you (there is no subprime mortgage crisis in continental Europe, let alone Japan, China or India, but all their institutions are paying for your and Britain's insanity) and then refusing to do anything to stabilize the situation. Evidently, to you the world ends at the bottom of your garden. Except of course when you need help cannon fodder for Iraq or Afghanistan.

Comments

[super-pan.livejournal.com]

You know, I worked for a law firm that did foreclosures in 2001, and the people who had these subprime loans were the poorest and most ignorant people, and their loans were with the most predatory lending companies out there(actually, most of them are now defunct). The lawfirm's business was going gangbusters. I was appalled at the ignorance of the defendants, but even more appalled at the greed of these companies that profited from their ignorance. I didn't know it then, but that was some early indication of what was to come. I had no idea what was ahead.
I still have no idea what is ahead, but I am really afraid.

[fpb.livejournal.com]

What you tell me agrees with what affablestranger does. (affablestranger, in a previous incarnation, used to call himself Patchworkmind, and you may remember him as the person who turned out to be from the same parts as you were and to share some acquaintances.) He too did some time in the housing finance business, and states that the people who hawked subprime mortgages were regarded as the lowest of the low, exploiters of misfortune and ignorance.

From this point of view, probably the best thing all the remaining borrowers of subprime loans could hope for is that the federal government manage to buy up all the "toxic debt" in which their mortgages are bundled. That would effectively make the Government their landlord and debtor, and while the government may be many kinds of cruel and stupid, its survival does not depend on squeezing its clients dry. If they remain in the hands of private corporations, on the other hand, those same clients will be pursued ruthlessly for every penny they can pay.

WHOOOOPS...

[fpb.livejournal.com]

...for debtor, read creditor, of course.