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The 6th Reason Why the Mortgage Lending Crisis = Global Warming
by David Sassoon - Dec 18th, 2007
Yesterday I posted a piece on the Top Five Reasons Why the Mortgage Crisis = Global Warming. It was enjoying a lot of reads thanks to "going popular" on Digg -- and then troglodytes attacked and buried the post. Too bad, because I am really on to something.
I say that because the post got validation on the front page of the New York Times today. The newspaper of record provided reason #6 for why the mortgage crisis = global warming. Here was the headline: Fed and Regulators Shrugged As the Subprime Crisis Spread.
Here's what Martine Eakes, the head of the The Center for Responsible Lending, a nonprofit group based in North Carolina, had to say:
The Federal Reserve could have stopped this problem dead in its tracks. If the Fed had done its job, we would not have had the abusive lending and we would not have a foreclosure crisis in virtually every community across America.
Sound familiar? Let's see, was it this administration that has been ignoring the warning signs of global warming and doing nothing? It is awfully painful to think of the last 7 years of US inaction on global warming. Seven years! The riot of lost possibilities!
But it's even worse, really: not just inaction -- also obstruction. That's why the nations of the world, assembled in Bali, erupted in sustained boos and jeers at the US negotiating position on Saturday.
Maybe the troglodytes are right after all. The mortgage lending crisis is different. The injustice embedded in it is not quite as brazenly premeditated and so ruthlessly executed as the campaign to bury global warming -- whose tentacles even reach to burying posts on Digg.
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