It’s All Our Fault

Finally, on NBC News last night, the question of who’s to blame for the financial meltdown was addressed by CNBC’s Dylan Ratigan.[1] I waited for the final condemnation of government departments hand-in-glove with corporate commerce; the greedy CEO’s gorging themselves fat on the sub-prime mortgage market, while those they conned live in homeless shelters, or with relatives, as their houses are repossessed.

I waited in vain:

“So, who’s to blame? We all are. From the moms and pops who took advantage of the low minimum payments on their credit cards to grow their business, to trillion dollar institutions. If you thought you could reap the rewards of easy credit without the consequences, this is the proof that you can’t.”

According to Ratigan, our benevolent government has stepped in to buy up all the bad debt, so banks can continue lending us – the people – the money we need.

It seems the government is blameless; the companies involved in creating the sub-prime mortgage crisis, innocent. We, the people, are at fault for daring to desire a small slice of the very large financial cake being consumed by these fatcats of industry and politics.

We should have refused the mortgages they offered. We should have insisted on not owning our own home. Those ‘already approved’ credit cards they force through our letterboxes every day should have been ignored. They didn’t really want us to take up their offers of credit, they were only pretending – apparently.

Our philanthropic government isn’t really using our hard earned taxes to bale out Fannie Mae, Freddie Mac, AIG, and now all the other financial institutions fallen victim to their own avarice; George W Bush is paying for it all out of his own pocket. At least, that’s how it would appear listening to Dylan Ratigan.

Ratigan, looks a well-heeled sort of guy. No doubt he lives in a fine house, lacks for little other than, perhaps, a private jet, and is buffered from the financial meltdown by a fat salary from CNBC. He’s probably the sort of American who blames the victim in cases of rape. In this instance, he’s certainly accusing the victims of the crime, rather than the perpetrators.

To coin good old American phraseology, Mister Ratigan is AN ASSHOLE.

[1] “What brought the US economy to the brink? (video) NBC Nightly News, September 19th 2008

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2 Replies to “It’s All Our Fault”

  1. It occurs to me that the reason people are not outraged about the bailout is that their own 401K’s are tied to it.

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