(no subject)
Jan. 26th, 2011 04:18 amThe ideology of personal responsibility leads many to blame the current crisis on subprime homeowners. How, they ask, could anyone be stupid enough to take such deals in the first place? However, as a Congressional inquiry reminds us, it was not the stupidity of borrowers that led to this mess, but rather the willingness to lend unsuitable amounts of money at unsuitable rates and the promiscuous repackaging and sharing of debt among them that was at fault.