Those in the media and many in Washington like to place the mortgage crisis blame on the "working class" who acquired loans through what any sane economist knows to be a Classism loan disguised as the somewhat less offensive name, "Sub-Prime". In simple explanatory terms, here is what the loan banks were not telling the borrower at the other side of their table:
Sub-Prime is a discriminatory name and practice for you the working class for being forced by the government to give you a loan; So here is what I'm going to do. Your loan will be thrown in a Russian Roulette POOL and I'm going to sell it so it can resell again and again raising the payments higher and higher until your mortgage payments are impossible to meet, and I don't care. I'm going to treat you like a hot potato even though you were able to afford the original mortgage. I don't care because I'm a Republican and my goal is to make as much money off the only resource we have left... the people. I don't care!
That's what sub-prime really means. And I'm sick and tired of hearing these brainless news pundits and less than honest economists try and play reversal blame.
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