Finally, someone in the MSM talks about greed

I

IrvineCommuter_IHB

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<p><a href="http://www.cnbc.com/id/22950993">www.cnbc.com/id/22950993</a></p>

<p>"Yes, there was predatory lending, and yes, there was some fraud (and I don’t mean those cases). But the fundamental reason for today’s credit and housing crisis is greed, plain and simple, and a reprehensible lack of financial responsibility. People saw free and easy money, and they took it. They took it along with the promise of continued economic expansion, and anyone who’s lived for more than a few decades knows that nobody can promise that.</p>

<p>In today’s uncertain world, we should be more prudent than ever in betting on the economic future of our country, and if we do choose to bet, and we lose, then we need to take responsibility for ourselves."</p>

<p>Great article about another great article. I am just happy that someone is finally shining some light on the the elephant in the room: That personally responsibilty is severely lacking in this country.</p>

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It's also interesting that she owns a home (and bought near the peak, I believe). I have been surprised that more recent homeowners haven't been more angry with all the talk about bailouts - unless they actually all believe they will somehow qualify.
 
I still do not see the denial going away for the banks. They do not even want to fathom the fact that prices have gone up 150-200 percent over the last 8 years in some cases. The real estate agents are sttil holding up the fort in the face of denial thanks to the abundant knife catchers that they chance upon. I do not know when the banks will realize that they cannot trust the market valuations suggested by real estate agents. The concept of comps has become a joke. Comps are all over the place and it is difficult to get a comp from 6 months ago when the market has tanked during that time. The resulting confusion is enormous but I can tell you that real estate agents are sparing no effort in propogating lies about market valuations.
 
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