Mortgage Crisis: Blame Allen Greenspan

Who's responsible for the mortgage crisis? Its easy to blame consumers. They should have been smarter and should have known their limits. However, how can you blame consumers when the Fed Charmain, Allen Greenspan, was out touting risky variable rate mortgages? If children learn from their parents, don't citizens learn from their government? We have a current government that is living off credit so is it a surprise that there is a credit crisis? Remember that Presidents Bush's answer to a national crisis was go out and shop.

What is the solution to the current mortgage crisis? The Republicans have no problem bailing out corporations , most famously the airlines, when they're in trouble but are against a call to help consumers. At least, President Bush vowed that he would not support a corporate bail-out for mortgage lenders. Personally, I like John Edwards plan. Edwards calls for a curb of risky mortgages and more oversight of predetory lenders. This crisis shows that we need more consumer education and more oversight.