The drivel that poor whitey wasn't involved is a peculiar soundbyte, even for Fudsie Frank.
Furthermore, using his own litmus stick, in August, Frank must have been "blaming poor blacks" in this article.
Q. Is the current mess a result of naive consumers being duped into horrible mortgages or is it a case of greedy consumers chasing cheap loans?
A. Some were misled, others took part in the deception. There were people, for instance, who lied about their incomes.
But we have made a mistake in this society. The assumption that everybody can be a homeowner is wrong. We pushed and encouraged people into home ownership - people who, in some cases, weren't ready for it. You can't act on wishes that are unrealistic without having negative consequences.
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