President Barack Obama has announced his mortgage plan that is supposed to save people’s homes.
Mortgage modification help is supposedly now on the way, he says. But the bad thing is that we’ve already seen that those getting taxpayer money to bolster the economy don’t feel any obligation to do what government says. So I’m worried that that like investment bankers, institutional bankers still view themselves as Masters of the Universe who believe they know better than everyone, especially a pesky government.
Obama referenced those “big banks that traded in risky mortgages that were too good to be true,” banks that took advantage of home buyers and buyers who borrowed too much. Of course, some buyers did extend themselves too far, but it’s hard to hear that responsibility message with an open mind when it is so clear that home buyers were not the ones that caused this massive house of cards to come crashing down.
Yet we, as consumers, are getting the lecture about accountability. I want these grand plans for restructuring to succeed. But it sure would be nice if the banks and the people who really started us down this road had to share some of our pain and were really taken to the woodshed on the accountability message. That’s not going to happen unless the new administration starts getting tougher with the real culprits.
Barack Obama said that he thinks we can overcome this crisis if we all return to our core values. That’s nice … but it only goes so far unless can get those Masters of the Universe to do the same. And I’m not sure they have any core values other than lining their own pockets with the money they take from ours.