Saturday, August 18, 2007

Blaming the victim

The New York Times favors us with this captious nonsense:

Why did so many homebuyers ignore recent lessons — to be skeptical about can’t-lose, instant-wealth machines like tech stocks — and start viewing real estate as such a certain and profitable bet?
Earth to the Gray Lady: Home buyers in the subprime market were not investing; they were buying a place to live. The forgetful idiots were the investment "professionals", those Ivy League refugees from real work, who can't remember the frequent consequences of leverage and debt.

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