A View From Middle England - Conservative with a slight libertarian touch - For Christian charity and traditional belief - Free Enterprise NOT Covert Corporatism

Friday, August 31, 2007

Sub-prime? More like sub-second!

The so-called sub-prime market, whereby money lenders seek out the less well-paid and seduce them with "attractive" mortgages to buy houses, has taken a tumble. Now the Securities & Exchange Commission in the USA is investigating troubled sub-prime mortgage lender New Century, a company that is in more trouble than most.

What I don't get is that the SEC must have seen this coming. Or maybe they have the ostrich syndrome, just like those who saw Hurricane Katrina coming, then cleared out of town, leaving the poor and the destitute to fend for themselves.

George Bush says "Recent disturbances in the sub-prime mortgage industry are modest in relation to the size of our economy". Well, that's right, but it's cold comfort to those struggling to keep up. Bush has left all traces of his Episcopalian Republican politics behind to take up with a born-again credo that delivers precious little to those less fortunate. My, my! And he bears the name given to him by his family in honour of George Herbert!

When the Statue of Liberty went up overlooking New York Harbor, it was seen as the greatest symbol of liberty for the oppressed and the poor. Nothing about applying for sub-prime loans or being cast adrift in a stinking mudswamp due to poor levee maintainance!

"Keep ancient lands, your storied pomp!" cries she with silent lips. "Give me your tired, your poor, your huddled masses yearning to breathe free, the wretched refuse of your teeming shore. Send these, the homeless, tempest-tost to me, I lift my lamp beside the golden door!"
Pity she can't get down from that giant plinthe and hurry on down to the SEC to tell those guys what's what!


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