I realize this is a space blog, but I thought I would pause for a little perspective. Sometimes we get so focused on “affordable” $95,000 joyrides into space, and public spats about how much NASA has gone over budget on some Mars probe, that we can lose sight of the bigger picture. It’s going to be a miserable Christmas for far too many people. All because the companies they worked for were so greedy that they managed to lobby themselves right off a cliff with hare-brained lending schemes.
Bush administration ignored clear warnings
Associated Press
“The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.