America Needs a Mirror

It's such a shame that our politicians can't be honest with us. Say the wrong thing, your career is over, and you have to find yourself a real job.

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See, if there were an honest politician out there, he or she would ignore political expediency and say the following about the Great Recession of 2008/2009:

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"Part of this mess has to blamed on the Democrats, who pushed and pushed for mortgage lenders to lower their lending standards as a matter of -- wait for it -- fairness.

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"Of course, most Democrats are so controlled by their emotions that they can't seem to grasp the obvious - that some people simply aren't ready to own a home. Purchasing a home is an accomplishment, not a right.

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"But that's our Democrat friends. If something is too hard, just lower the standards so that no one's feelings are hurt. To hell with the outcome or the long term ramifications.

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"A larger part of the blame has to go to the Republicans, who - true to form - knee-jerked away from regulating banks and the financial system so that CDO's and other whacked-out 'investments' could pollute and destroy our financial system. Well done, guys. Markets need clear, flexible and efficient regulation to function properly and to adapt to new products and services. Not necessarily more regulation, but better regulation. Don't you know that?

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"But by far the biggest part of the blame, and this is where I'm going to make news, has to go to the American consumer.

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"Yes, I know, calm down. Let me finish.

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"Let's begin with the adjustable rate mortgages that have played such a big part in this meltdown. Do you know why a person usually gets an adjustable rate mortgage? That's right, because they don't qualify for the mortgage on the home they want. See, they could, if they wanted to, they could just get a little less house and a fixed rate mortgage. But no, they had to have more. Is that someone else's fault? No. They're adults, it's their call.

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"That's just the beginning, of course. We have to have the nicest cars, the newest cell phones, and the coolest clothes. Your iPod is six months old? It's a relic! You'd like a faster computer? Well, charge it, dummy!

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"Oh, and don't forget to take out a second mortgage so that you can pay off those credit cards and charge more, and hold out an extra thousand or so for that 46-inch TV. And that trip to Disney World? Well, the next door neighbors did it, why can't we!

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"The American public did this to themselves. Ask your friend - how much do they pay every month for credit cards, car loans and home equity mortgages? 800 bucks? A grand? Twelve hundred? Is it someone else's fault that these people are not putting that money away, investing it?"

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"Yes, I hear you say 'well the market just crashed, I would have lost it'. Nice try. The market would not have crashed if we had been exercising even moderate financial sense, if we had not been over-extending ourselves, for the last few decades. There's always an excuse to avoid being responsible, isn't there?

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"This is a self-inflicted wound. The next time you feel like pointing the finger at someone else, may I suggest you stop by the store and buy a mirror.

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"And please pay cash."

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