Mortgage Crisis Is Getting Worse And The Experts Have No Idea How Bad It'll Get!

Guess what? They can't keep the lid on the news about those toxic sub-prime mortgages any longer. Y'know, the ones that no one wants to talk about that I've said multiple times are still(!) out there, ready to sink our economy even worse? Check this out: http://www.msnbc.msn.com/id/40075142/ns/business-personal_finance/

Here are a couple of the eye-catching comments from that article. "When you look at the scope of the problem, it's a very, very large problem. We really don't know how deep the hole is." And here's a 'good' one: "Where you’re really going to see the hit is off in the future a few years, when there’s no money to pay your life insurance policy or when your pension is gone or when your mutual fund is unable to pay you the interest rate they promised you". OMG!

Now isn't THAT fun? Just a barrel of laughs, huh? Guess who's going to be hurt the worst? Yeah, it's the same(!) ones hurt the worst in the collapse of two years ago ... us retirees who, throughout our lives, have poured our life's savings into such 'investments'. While it's true that it hits everyone, we're retired ... couldn't work any more if we wanted (thanks to age discrimination but that's a story for another day). So, unlike younger people, we have NO way to make up for the these loses by future work and savings. We're done saving and the idiots who caused this problem are about to take blood from these turnips. It's not bad enough that we lost so much of our life savings two years ago. NOW we're about to lose EVERYTHING else ... insurance policies, pensions, etc ... even our homes because that's what happens when all sources of income evaporate and you have absolutely nothing left to live on.

To fix it properly, as I've been saying, we must understand the root cause. From whomever brought this about we should accept NO MORE of their nonsense. Let's review it. Q: What caused the collapse and is about to cause what the link above talks about? Ans: those 'toxic' sub-prime mortgages. Q: who created that program? Ans: Democrats. Q: when did we start down this path? Ans: during the Clinton administration, especially when Clinton, as a lame duck in the last month of his presidency, signed an executive order forcing Fannie and Freddie to make half of their mortgages be sub-prime mortgages. Q: who pushed them super hard the past ten years when everyone else with half a brain was telling them it would cause problems? Ans: Democrats (Thanks Chris Dodd and Barney Frank). I know it's hard to stop drinking the "Bush did it" Kool-Aid but, c'mon, doesn't the severity of this problem deserve some serious evaluation what really caused it?

Tell me something please. Has this mess gotten your attention yet? I mean your full attention. Are you prepared to face what has to be done to fix it or will you just continue marching along, drinking your Kool-Aid as if there's nothing wrong and expecting your paternalistic government to fix it like you expect it to fix everything else. I have news for you. They CAN'T fix it. They can diminish the impact if they start acting in a fiscally responsible way. With Republicans (esp with the Tea Party influence) in charge we at least have a chance of minimizing the impact .. which still won't be pretty by any stretch.

This REALLY sucks! Oh, by the way, I TOLD YOU SO!