Wednesday, January 23, 2008

Bush and Supremes Blame Individuals for Financial Failure

Two branches of the federal government sent a clear message to the American citizen, buyer beware in regard to your financial dealings. President George Bush noted the role of individual ignorance in the sub-prime mortgage meltdown. He said nothing of the 2005 Bankruptcy Bill which expanded borrowing opportunities for low income people. Bush was also silent on investment houses packaging junk loans into secure debt obligations and rating agencies giving those instruments high marks.

Meanwhile, the Supreme Court refused to hear a lawsuit from individual investors devastated by the Enron debacle. Despite corporate collusion to defraud investors, the shareholder will not get their day in court.

Here's the message from George W. and John Roberts, financial buyers beware. Now who wants to take out a mortgage or buy shares of stock? C'mon, the economy's you need to pay for your health care and retirement.