Posted by
Andrews on Wednesday, January 14, 2009 9:37:36 AM
I have just realized something. It should have been obvious, but strangely it was not, and that in itself is telling.
You see, though many are still denying the role of Community Reinvestment Act in our financial problems, trying to pretend somehow "Wall Street greed" created millions of non-performing loans out of thin air, I think everyone involved can agree that the main cause of the "mortgage crisis" is something related to mortgages. That being the case, you would think that Congress would be taking steps to rein in Fannie and Freddie, perhaps trying to slow down the pace at which new mortgages are formed or bought up by these federal(ish) underwriters and resellers. Yet, instead, we read stories about Congress insisting mortgage rates be kept low to keep the economy solvent.
The truly depressing part is that it seems no one is noticing this. And that is very telling. We have become so used to Congress persisting in errors despite all evidence that no one has even made mention of the fact that not a thing has been done to rein in the cause of this crisis, that, in fact, there have been many actions in the opposite direction, plans which appear designed to do nothing but set up an ever deepening crisis.
Have we truly become so comfortable with a congress detached from reality that we have come to expect them to do nothing but pursue ideological goals regardless of the outcome? If so, then we have little hope left.