Accounting for Disaster

My stepfather-in-law sent me a good article this morning on the subprime mortgage crisis and the attendant fallout, from a somewhat unexpected place: Chuck Colson.

I have said for the past year on “BreakPoint” that much of the financial crisis we are facing stems from moral failure—moral failure on the part of greedy Wall Street speculators, and moral failure on the part of ordinary Americans who bit off more mortgage than they could chew. And all of that is true.

But there is another cause of this crisis that we cannot ignore: the near-incestuous relationship between politicians and big-time government-supported financial institutions.

Nobody’s hands are clean in this one. Not the Democrats, not the Republicans. Not Wall Street’s, not the bankers, not even the borrowers who bit off more than they could chew. And right now, they’re all trying to dump the pile of crap back on you and me, the taxpayer.

I’ll have more thoughts on this at some point, when I’m not trying to earn money to pay for the tax increases to pay off other people’s mortgages.

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