Larry Elder Says, "It's The Borrowers To Blame As Well"

And I say damn straight, and the lenders who were stupid and greedy enough to gin up the other people's money to the illegal immigrants, the obviously under qualified buyers in cities and towns of all sizes and all colors across the entire nation, although as UN PC as this will be, it will be the illegals an minorities that make up the largest chunk of the defaults when they're all added up, plain and simple.

It doesn;t take a PHD to figure that out, and this failure is a direct result of income distribution at it's worst in the form of rolling the dice in a big way trying to socially engineer the banking and home ownership industry to quell the PC police. Just as the PC police will be the cause of another 9-11 in his country because of the failure to recognize and eliminate the obvious terrorist threats and the communities from which they all come from in the name of PC.

Like Larry does, I mostly blame the borrowers as they knew damn well they we're getting in over their heads and did it anyway for one reason and one reason only, they were used to handouts and expected them to keep on coming when the mortgage came due, and that is that.

I like anyoen else would love to live in a half milli0on dollar townhome or Villa on a Jack Nicklaus designed golf course, or a million dollar mansion in Winnetka Illinois like my younger brother does with his family, but I don't and I can't. Instead I live in a 175,000 townhome in Buffalo Grove Illinois that I own and is all I can afford, and that is all I can afford and after these past few weeks this may be the last place I ever live after my equity losses. I've been in my home for 7 years while afflicted with Multiple Sclerosis and have yet to miss a mortgage payment in that time thank goodness.

At the onset of my illness however because of the loss of a high paying job I lost my family's $450,000 home of 65 years in Prospect Heights Illinois pictured above due to an mostly strange circumstance amicable foreclosure that was entirely planned out with the bank and a new buyer, but I lost my cherished home due to illness I could not control, not overspending or over borrowing. I still am terribly pained having lost the home my maternal grandfather built in 1944 for his wife and kids, (my grandmother, beloved mother and her sister rest their souls) outside of Chicago for 25,000 who died in on April 19th 1995, the day of the tragic Oklahoma City bombing, columbine and the Waco disaster.

Where was my bailout at that time from Uncle Sam I ask? Nowhere in sight, for me and the millions ofothers who lost their homes that year for whatever their reasons where, no bailouts for us, no sireee.

Although my other family members offered to continue to pay the mortgage and help me through the hard times, being single and not needing a home any longer of that size due to my limited mobility that needed substantial upgrading and repairs that I was undertaking myself at the time I became partially incapacitated, I surrendered the home in disgrace and rebuilt my life from scratch while becoming crippled with MS.

I have no sympathy for most of the so called victims in this crisis on either side, having been on both sides of the fence at one time or another, and am entirely against having to shell out money for these mistakes of others, when I've already paid the price and heavy dues for my own when there was no help for me available.

Here's Larry Elder's view on this which I respect:

Is Capitalism on the Ropes?

Chicago's 560 AM WIND: "An indictment of greed! A case for more government intervention! Worst financial crisis since the Great Depression! Failure of capitalism! This list includes the 'lessons' of the recent turmoil in the financial markets. Nonsense.

Down with greed!

Someone please produce the gun held to the temples of borrowers who put little or no money down, took out 'teaser' rates, and then pleaded ignorance or victimhood when the lender -- as stipulated in the contract -- jacked up the rate. Lenders and borrowers expected government/taxpayers to somehow, someway, step in and shield them from the consequences of their decisions. This creates 'moral hazard' -- behavior based upon the knowledge of protection from the bad consequences of reckless or irresponsible behavior. Decisions entail risk, whether personal or financial ones.

We need more regulation!"

We have it -- lots of it. Ever hear of the Office of Federal Housing Enterprise Oversight (OFHEO)? This agency, which employs 200 people, exists for one thing and one thing only -- to "oversee" Freddie Mac and Fannie Mae, the "government-sponsored entities" that own or guarantee 40 percent of the nation's residential mortgages. Mere months before Freddie and Fannie's collapse and subsequent government takeover, OFHEO issued a report that saw only clean sailing. The Community Reinvestment Act, passed in 1977, mandated that lenders lend to high-risk borrowers -- or else. The government actually held up prudent bank mergers if one or both sides did not sufficiently "lend" to borrowers who, under normal circumstances, failed to qualify. Why is the federal government in the housing business in the first place? We need less government, not more regulation.

We are experiencing "the greatest financial crisis since the Great Depression"!

Even if this were true, we aren't even close to that catastrophic event. At the Great Depression's nadir, 25 percent of adults were unemployed, including nearly 50 percent of urban black adults CONTINUED

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