Monday, March 10, 2008

Put Congress in the blame


I am getting pretty angry over Congress' attempt to show it cares by putting Countrywide CEO's feet to the fire. The idea that smart men and women, elected to represent their community, did not know what was going on until now is an absolute joke.

They let these predatory lenders into their communities. They covered the banks' recent financial losses by accepting the Fed's rate cuts instead of demanding a higher rebate package. They simply had their head in the sand and their hands out for donations. I wonder what Countrywide and the other lenders political contributions were like.

Congress members failed their communities as much as the lenders failed. And now our financial system is in trouble. To be clear, I feel that this is not a democrat or republican failure. This is an institutional failure.

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