SO I’M WATCHING MCCAIN TALK ABOUT THE SUBPRIME CRISIS, and how there may be some “greedy people on Wall Street who need to go to jail.”

But I heard a typically sad-toned NPR story on subprimes tonight, and despite their best efforts to evoke the Joads it was a story of people who “used their houses like ATMs,” taking out home equity loan after home equity loan when they started with a subprime mortgage, only to wind up owing far more than their houses were worth and unable to make the payments. Boo hoo. Shouldn’t there be a price for being an idiot? …

SO I’M WATCHING MCCAIN TALK ABOUT THE SUBPRIME CRISIS, and how there may be some “greedy people on W…
Glenn Reynolds
Thu, 31 Jan 2008 01:34:18 GMT

Don’t get me wrong! I still think that there is a good possibility that there were unscrupulous mortgage brokers who took advantage of prospective home owners. However, the elephant in the room is credit card debt. As I have said in a previous post, our only chance is if the government chooses to scale back the credit card debt problem and tighten the mortgage rules at the same time we rescue these “victims”. If we continue to ignore our addiction to credit card debt, we will repeat this financial crisis again.