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January 21, 2008


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Like bank robbers, politicians go where the money is. Although causation might be difficult to prove, suing Wall Street investment firms makes more "sense" than trying to squeeze blood out of the turnips (i.e., defunct mortgage brokers and lenders). As you say, blaming big business diverts attention from the failure of local government to address decades of decline.


Curious too that the two major hometown banks, Key Bank and National City, were NOT on the list of banks being sued by the City of Cleveland. Key Bank has a subprime subsidiary, Champion Mortgage. National City was a significant player in the subprime market, writing down close to $200 million in mortgage losses in 2007. National City did sell its subprime First Franklin Financial subsidiary to Merrill Lynch in December 2006. Take a look at this blog as well:


It seems that any time people with low incomes are enticed into buying something they really can't afford, they blame everyone but themselves for their having no personal restraint. True, there's enough blame to go around for everyone, but IF YOU CAN'T AFFORD IT, DON'T BUY IT.

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