From Pine View Farm

Bushonomics 1

Frank Salamone blames himself, mostly, for his small role in the subprime-debt crisis that has helped hobble the global economy.

With his household debt soaring from a $123,000 mortgage in 1990 to a $425,000 mortgage on the same house by 2006, Frank and his wife, Joan, are a striking example of how the housing bubble’s easy credit allowed consumers to bury themselves in debt.

Now, they are struggling to avoid the worst consequence of what Frank called “crappy decisions.” That would be the loss of their house in Bucks County’s Warwick Township. “I’m not an Oprah victim. I don’t blame anybody,” he said.

No mention, of course, of the failure to regulate the financial industry to keep the industry from selling bags of air.


1 comment

  1. Ray

    February 10, 2008 at 4:13 am

    But, Frank, are you forgetting Conservative dogma: deregulation is good for the economy, let the free market system do its thing. It worked for Herbert Hoover (oops! bad example, scratch that); it worked for bush senior (oops! bad example, that was the saving and loan debacle, scratch that too).

    Oh, well, someday it will work, because dogma says so and dogma is never wrong.

    Maybe more tax cuts for the rich would have saved us or waterboarding brokers or jailing liberals.

    Let me go to the Cato web sight and I will get back to you. DOGMA RULES!!!