Another Reason to Love Randi Rhodes
If progressive/liberal radio was a form of martial arts, Rachel Maddow would be Jet Li. And Randi Rhodes would be Jackie Chan. They both can kick ass, but they have different methods. I've mentioned Rachel before, so it's Rhodes' turn. Here is how she broke own the financial mess yesterday : People STILL believe the housing crisis was caused by people who bought houses they couldn’t afford. NOT TRUE. If mortgage rates don’t reset, if interest rates were instead lowered, if the number of years on the loan were extended, the numbers of foreclosures would shrink not grow. Banks do NOT care about saving the loans from default because banks cooked up a plan so they’d never have to pay for them even if the homeowner defaulted. THAT’S WHAT CAUSED THE CRISIS. The Foreclosure crisis was caused by banks that made loans and did not secure them in case of default. They took risk but decided NOT to cover the risk they took. Instead they decided to sell the risk to investmen t ba...