Something is Very Wrong Here
By Roxanna Moser (10/07/08)
A recent column by Investors Business Daily said that 94% of mortgages are being paid on time, leaving only 6% that are either already in foreclosure or headed that way. This is not the first time I've heard this number, nor is IBD the only place I've heard it.
So, how can a 6% failure rate in only one sector of the American
economy be responsible for the calamity now befalling the world?
Such a minor problem shouldn't even be rattling the American economy,
let alone the economy of the whole world.
Somebody is lying to us big time. Either there's a heckuva lot more
going on than just sub-prime bad paper or the failure rate is a lot
higher or there really is no crisis and we're being defrauded big
time.
Something is going on, and we have a right to know exactly what.
But, from whom are we going to get the truth? Certainly not from
anyone in Washington. Way too much CYA going on there. Besides,
they're going on break so they can go back home and campaign. By all
means, let's return them to Capitol Hill and reward them for the
bang-up job they're doing. Certainly not from anyone in the MSM,
which is too busy blaming Republicans and McCain for the mess in the
hope that doing so will help elect Obama, who's from the party most
responsible for the mess. And most certainly not from some outfit
that mismanaged itself into a situation and now has its hand out for
government largesse.
Millions of people are facing the very real possibility of financial
ruin, and we have no real idea of why. And, there's no one out there
to tell us.
Roxanna Moser
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