Sustainable Economics
A friend asked me to respond to this piece about the Occupy Movement and its activity re: home foreclosures.
Yes, there was gross corporate malfeasance in home mortgage lending that led to the crash of 2008 and the ongoing meltdown, and yes, it was orchestrated by the people at the very top of the food chain, who knew from the start that they would come away with billions of dollars at the expense of the commoners. The wealthiest, smartest, and most ruthless preyed on those least able to defend themselves — again — then walked away scott-free, and now lay in wait to pull off the next crime of the century.
But don’t the people who invested in homes they couldn’t afford have responsibility here too? Growing up unable to do basic math or to think for oneself isn’t exactly a virtue. And what exactly happened to caveat emptor?
Forgive me; I was born with the curse of seeing both sides to a story. (more…)