[Smokin' Joe]

Greed in that the banks were writing loans on housing which they were sure would be foreclosed, and in the rising amarket, the assets would be sold at a profit.

That they did not take into account the possibility of a falling market, nor the condition of the foreclosed assets at the time of siezure indicates a lack of connection with reality on their part.

There are reasons banks traditionally were reluctant to loan to people without sufficient assets or work based income streams, and a host of reasons for limiting the neighborhoods they would underwrite.

Despite political pandering, the chickens of political correctness are coming home to roost.

[Syncro]

A WARNING FROM CHAIRMAN ANN (IN HER SIDEBAR)

September 24, 2008, 6:09 PM

Email Warning! -

If you get an e-mail with "Nude Photos of Sarah Palin" in the subject line, do not open it. It might contain a virus.

If you get an e-mail with "Nude Photos of Hillary Clinton," do not open it.

It might contain nude photos of Hillary Clinton.