The Plundering and looting of the Housing Industry

I think it is high time, or maybe past time that we put the current so called housing crisis in perspective. The cause of the current crisis was the looting of value and equity by financial institutions. Financial institutions went in with CDO's and all kinds of exotic ways to make money in an area that had plenty of money in it. They looted it. They plundered it. And in the end they got Uncle Sam to save them from collapse when things went wrong. Like the story of the Goose that laid the golden egg these greedy folks in the end killed the goose. In the end they walked away with bonuses, bail outs, or just faded back into the wood work like the worms that they are waiting for the next opportunity to plunder and loot.

The story does not stop there. In order to protect themselves when they were exposed to the light they started the spin. People got loans that never should have. People are not responsible and are walking away. We couldn't see it coming. Some of this is true. BUT WHO LENT THEM THE MONEY !!!! Who changed loans at the closing table? Who backed securities with things called derivatives so that they did not have to be regulated if they called it insurance?  The same financial institutions that today say do not regulate us. Part of their spin is to say free markets are really the right way to go . Yet it is those "free" markets that caused the problems.  Maybe we should de-regulate everything and go back to the good old days when companies could put copper sulfate in canned peas to keep them green?

Governments role in this is NOT to be in the banking business but to act as a counter balance to the power of the lobbies and advocate on behalf of the people. Governement both Republican and Democrat failed. The Federal Reserve failed as well.

In the end the continuing and ongoing pain in our business and all the businesses that it effects has it's roots in the financial industry. This is not a housing crisis. This is a crisis of greed and unregulated business doing unto us whatever they think they can get away with to make a buck. When things got tough financial institutions went running to the very folks who should have protected us, and begged for protection themselves !

I need to say this because every day as I try to make a living in this industry I know it is 10 times harder thanks to the greedy financial folks who caused this crisis. I do not know about you but I tend to not look with a kind eye at folks who have taken my source of income and plundered it.