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Thank you for writing this. I have to get Robbie to school but I'm looking forward to reading this. I keep trying to explain to people around here that it isn't the fault of the poor but they have latched on to that argument like a life preserver. A guy at work tortures my husband with this kind of crap all day. Last night my husband compared it to be sexually harassed.

...they have latched on to that argument like a life preserver.

Yeah, I know. I get the same thing down here in PubLand. Any excuse blaming a despised and feared group, like "any port in a storm".

I should perhaps have added that at least part of the motivation for scamming the poor with sham mortgages was precisely the way it would undercut the FM's. Bankers have been furious since they were created (and I've said this before) because they believed - erroneously - that the govt had taken away a potentially lucrative market when in fact the FM's were founded because it wasn't a market the banks had ever shown an interest in.

I also have to keep reminding people that the CEO's of the FM's who did the dirty were Bush appointees and movement conservative hacks who were particularly susceptible to arguments like those made by the investment houses and ideologically in favor of destroying the FM's to make room for the "free market" through privatization.

IOW, not only were the financiers responsible for pushing the FM's into playing a game they would never have otherwise involved themselves with but they did it as a deliberate tactic to take the FM's down.

I also have to keep reminding people that the FM's worked beautifully for decades right up until this attack on them was launched by the Bushies and the investment class. They were an incredible success, which is why they had to be dismantled.m It was just one more Bush fox-running-the-henhouse move and for all the usual reasons.

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