Posted by
Roxanna M. on Monday, October 06, 2008 7:10:29 PM
A recent column by Investors Business Daily said that 94% of mortgages are being paid on time, leaving only 6% that are either already in foreclosure or headed that way. This is not the first time I've heard this number, nor is IBD the only place I've heard it.
So, how can a 6% failure rate in only one sector of the American economy be responsible for the calamity now befalling the world? Such a miniscule problem shouldn't even be rattling the American economy, let alone the economy of the whole world.
Somebody is lying to us big time. Either there's a heckuva lot more going on than just sub-prime troubles or the failure rate is a lot higher or there really is no crisis and we're being defrauded big time.
Something is going on that we need to know about. But, from whom are we going to get the truth? Certainly not from anyone in Washington. Way too much CYA going on there. Besides, they're planning on going on vacation in order to go home and campaign. By all means, let's return them to Washington. They're doing such a bang-up job. Certainly not from anyone in the MSM, which is too busy blaming Republicans and McCain for the mess in the hopes that doing so will help elect Obama, who's from the party most responsible for the mess. And most certainly not from some outfit that mismanaged itself into a situation and now has its hand out for government largesse.
We are facing the very real possibility of financial ruin, and we have no real idea of why. And, there's no one out there to tell us.