Our financial crisis…

As we all follow the financial crisis in DC, WORLD magazine – HERE – has a pretty good summary article on where this crisis came from.

I would add this to the “step 2” of the article: greedy home owners, seeing their equity value increase, did lots of refinancing to get their hands on that (inflated) value, then they SPENT it. When values dropped, they have more mortgage than house — which banks really don’t like.

Such greed is a sin, and sin always pays out hard wages.

I’m afraid that, at this juncture, our government will need to do something (spoken by a fierce capitalist), but hopefully not a bailout, but something which gains taxpayers some value. (This may just be what those House of Representatives’ Republicans are seeking today too).
We must be praying.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s