Brazile: Homeowners Aren't to Blame for this CrisisDonna Brazilebyline‚ Oct. 07‚ 2008(Ed note: We run this syndicated column at the request of ACORN, which felt it refutes right-wing efforts to blame it and other progressive home ownership counseling groups for the subprime crisis.) When Wall Street catches a cold, Main Street gets pneumonia. When banks stop lending to each other and private equity firms hold tight to their cash, households and small-business owners cannot borrow money. This is not a left-right crisis, and it does not have a "conservative versus liberal" solution. Wall Street is anticipating some relief from the taxpayers, and it will come at a price: more oversight, accountability, transparency and regulation. We taxpayers must demand lawmakers and those now responsible for passing out the borrowed cash protect our $700 billion investment in rescuing institutions that hold our money and collective wealth. |