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From:	Jaq (12.34.184.87)
Subject:	That's an interesting observation, LL
Date:	May 4, 2008 at 10:46 am PST

In Reply to: An observation on how some haves relate to the have-nots posted by LL on May 4, 2008 at 9:10 am:

"They must feel the situation can be controlled. The alternative is too terrifying for them. So if you work your ass off to have a decent life and provide for your family and it all goes bad one day, she has to believe you screwed up. She has to believe you did something wrong to bring that on yourself."

I think I have heard that once argued before on another board. That to admit people have had bad things happen to them because of outside influences not under their own control is a very scarey thought. And these influences have a natural inclination to self-preservation regardless of whether it negatively affects this same group.

Yes, Blame the Victim politics was very strong during the Countrywide/homeowners debacle. Amazingly calloused toward the victims, WSJ sounded as though they deserved to be defrauded!

http://online.wsj.com/article/SB118047548069017647.html?mod=most_viewed_w

"The market was feeding an addict at its neediest point," says Diane Swonk, who spent 19 years analyzing consumer credit in the Midwest and now serves as chief economist at Chicago-based financial-services firm Mesirow Financial. "Individuals will resist reductions in their standard of living with everything in their power, including mortgaging their futures."

uhhh, the addict, I suppose that got his generous fix-- in the millions -- was the CEO of CountryWide Predatory Lenders. THat was okay, tho, eh?

I hold the GOP responsible for this. They play dead for the industry and allowed oversight to become lax and stupid!

Link: You'll notice, ZERO conservative commentary under this post citing a conservative source. sigh.

• Bloomberg-