Subprime Mortgage Crisis

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Jim Cramer gets it right. We’re spending billions to build houses in Iraq and we have a mortgage crisis on our hands. When middle class Americans are falling behind on the repayment of their home equity loans, we’re in trouble. Combine the mortgage crisis with increased pressure to improve profitability and productivity in the global marketplace, and it becomes clear that America is facing a crisis.

Who is to blame? I don’t want to be so negative. I’d prefer to ask — whom do we thank for this lovely situation?

I’d like to thank Ditech, Lending Tree, and all the other wonderful teaser rates! Thank you, home equity loans and excessive consumption. Oh, and thank you Harley Davidson for selling us motorcycles when we really need fiscal responsibility in our lives.

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