Weigh In: What Did the Media Miss?

The media missed what the pain everyone is going to experience. The pain is jobs. Not one of the politicians, economic wizards, nor the media want or will talk about double digit unemployment. You can refinance as much as you want, but if you don't have have job it's a moot point. Jobs creation needs to be the number one priority for everyone. People working keep things running by paying there taxes, having enough for food and shelter, keeping themselves healthier. This is the biggest part NO one wants to report.

Pelosi says $150B economic stimulus plan needed DENVER - House Speaker Nancy Pelosi said Wednesday that a $150 billion economic stimulus plan is needed now because of the faltering economy and she may call the House into session after the election to pass it. God Bless the new American's...Eileen and Ben Dover

Pelosi says $150B economic stimulus plan needed DENVER - House Speaker Nancy Pelosi said Wednesday that a $150 billion economic stimulus plan is needed now because of the faltering economy and she may call the House into session after the election to pass it. WTF!!!

Just give it to us the American people straight. We get enough run around from our great leaders in Washington. I think there should have been more coverage of other ideas not just this bail out.

Baby Boomers are angry.. everyone is angry. The media reports our debt and lack of saving but in the last decade while thinking WE were going to be better off than our parents, we have come to realize that we're not. Our parents had very modest incomes and could save, help pay for their kids local college costs, reasonable home costs , eventually have a paid for home, reasonable taxes, affordable cars, a modest pension. While WE are allowed by the government(because we are middle class ) to Borrow the entire cost of a child's college. What was saved was not nearly enough and the kids have loans too. We have less in our paychecks because we fund our own pensions, a bigger and bigger share of healthcare, high daily living expenses....gas...food...heat...and no raises to make up for these deficits. Our incomes have not kept pace. Not everyone was buying lattes.........we have all been cutting back for years just to keep our jobs while Congress thinks outsourcing and providing us with cheap goods ( in price and especially quality) solves the problem. We are tired of treading water and we can't afford to have all these burdens AND see our 401k's evaporate for the third time (the 80's..2000 and now). Congress sent a signal to American companies that they did not have a responsibility to their employees. What kind of country will we have if we don't invest in the workers..... the backbone of society. We are seeing what greed and lack of character produces. I think the media missed for years just how angry we have been.

The media missed the story of the people who physically demonstrated on Wall Street and Capitol Hill against the bailout. The media missed the story of how senators and house representatives stated that they received all of those calls from constituents wanting the bailout, when in fact almost NO ONE called them supporting the bailout. The media missed the story of how General Electric desparately needed the bail out, and its NBC subsidiaries kept pushing the bailout down the throats of its viewers.

I was up watching BBC late one night last week and was shocked to see all of the footage of the protests going on over the bailout bill. I am guessing our networks didn't want to show that here?? They also interviewed several Americans getting their opinion of the bill. Kind of ironic that I had to get that perspective from BBC instead of our news channels here. Even though this bailout was sold to us as "a benefit for mainstreet" very little coverage has been given to mainstreet and how this crisis affects them. I will say though, that Fox does seem to be the most unbiased network and the channel I watch most. Obama has gotten the rest of the networks wrapped around his finger. Keep up the good work and don't forget about us little guys out there!

The only thing the media has not reported is this: "We're still here. Hundreds of millions of us are not seeking loans, still make our mortgage payments and work all day. There is a slim chance the U.S.A. will continue in existance." I suppose that's what the media missed. But I happened to catch it, so I bought stock today. P.S. Don't let the word out just yet. Thanks.

The American people do not trust Wall Street because we see the way prices can be manipulated by mere conjecture and rumor. The American people do not trust Washington because we see that even though we raise our voices against a bailout we will be ignored and the media will be trusted to stir up fear so we go along like brides at a shotgun wedding. The American people do not trust the media because most outlets gave little coverage to concerns raised regarding Fannie and Freddie other than casting suspicion on the people crying "Foul." The American people do not trust banks because these entities that Lord over the everyday life of the average American sold us a bill of goods that even they cannot even afford. What should the media be talking about now? The big story should be why this country ever started basing economic growth on spending that involved borrowing. The big story should be why are we trying to recreate a false sense of how well we are doing by making credit easy to get again? Let's face it. These businesses that need credit to cover expenses until their seasonal work gets going again were trained to go about it backward. Business owners were trained to borrow first payoff later. They were encouraged to handle their businesses that way. Whatever happened to budgeting to make sure our profits in the spring cover our expenses in the winter? Last year's loss or gain should determine this years spending or cutting. Maybe we need to start basing how well this country is doing economically by measuring the amount of debt our citizens are able to pay off and not by how much they are able to take on. It was listening to the experts, that we assumed knew better than we did, that got us in to this mess. STOP giving so much power to all these EXPERTS America and let's start trusting our own common sense again.

What did they miss? That's obvious, they missed looking into who Obama is and what he believes from the start, so now he's learned what not to say to the public. That's why he has so few specifics on his policies. McCain - Palin -- a Democrat and a Republican on one ticket, who better to help congress make the hard choices ahead. Obama - Biden -- a socialist and a liberal, who better to let Nancy Peloci run this country?

The biggest issue here is the uncertainty surrounding the CDO/MBS assets. It has been since Aug 07 and there isn't widely knowledge of the exposure that any of these banks/investments houses have. The media should have aggressively pursued the corporate suits to obtain estimates of the exposure, I think they used to call investigative reporting. Sunlight is the best disinfectant, and the media has the biggest spotlight. Instead, we have a long stream of talking heads who collectively know-next-to-nothing.

Lenders usually required mortgages that did not have 20% equity (borrowed more than 80% of the value of the home) to have mortgage insurance (costing the borrower an average $50 to $100 per month). This was to protect the lender in the event of the default of the borrower. No one has even mentioned this. This was especially true of the so-called "sub-prime" loans. What happened to all that insurance?

With a few notable exceptions the media like the rest of our institutions (Wall Street, Congress, Regulatory Agencies, Education) is incompetent. Only the U.S. Military seems to be capable and competent, and our politicans are doing their best to screw that up. The media has missed everything! We need to return to a system of merit, accomplishment, talent, and competency. We need to get rid of the "entitlement mentality" that exists today. Competency Counts! I don't care what color or gender you are, just know your job and do it well. That fact should be the only criterion for advancement and position. It should not be connections, not affirmative action, not who your mentor is, not voter block representation, or anything else, simply merit and character.

I am not certain that Fox or any other network can make statements like this but it is really up to the investors now and we need to calm down and hold the line. If the whole market continues to drop, that will mean more losses for everyone involved. Despite what the pundits have to say, the only way the stock market can stabilize is if the public chooses to buy and not engage in panic selling. It's every man for himself and we can save the situation by pulling together and buying stock across the board and not engaging in a massive sell off.

There are obvious things that are taking place in the financial markets across the board. In short, the main thing that I see is the media reporting, what appears to be panic. People are becoming scared because they are told to be scared. Not to deminish the seriousness of the problem but if people are scared into being apart of the problem, hence the escalation. There is significant quantifiable data out side of the immediately available media information that if presented properly would create a pause with people instead of feeding into the cause. Just a thought!

Comment by Dan "I believe one story that is not being told is how millions of Americans all across this country are putting their financial houses in order. They are learning about money - how to budget, how to plan and save for future purchases, how to operate with cash and cut-up credit cards, how to invest for their children’s education, how to pay off their mortgage, why to rent if they can’t afford a mortgage, how to scrimp and save, how to repair and reuse, how to bargain shop, buy groceries and cook at home, etc. These are all great and wonderful things long-term" Why the hell didn't they keep their financial house in order? They are just now learning how to budget? Where have they been?

What has been missed is the high oil prices that really set all this mess in motion, and started putting the crunch on us. The other thing is a connection between the rise of Obama in popularity and the fear in the business comunity. As small business owners my husband and I are resigned to Obama's getting elected and planning for the taxes and the health insurance requirements that we will not be able to afford. We will be cutting out employees and will be down sizing. We have difficulty getting people to pay for services now if we have to raise prices to cover new cost we will have even more problems. To many people now, buying what they can't afford, it will only get worse.

Just listening to Paulson. Just what we need, another federal agency staffed by unemployed wallstreet brokers who are going to meet with each others to come up with proposals on how to spend the money we were too stupid to spend for ourselves. I hope the media gives us a list of all the people Paulson employes, where they came from and how much "we" are paying them.

How about the return to socialism which is the agenda that O'Bama is pushing with (1) Biden's stunning admission that they favor a re-distribution of wealth (never mind that it isn't his money to re-distribute), (2) O'Bama last night saying that health care is every citizen's right (regardless of whether they have a job or are legal citizens--I suppose that's one more burden productive American citizens will have to bear--the cost of healthcare for everyone?), and (3) now we have the video on You Tube of young men dressed in camaflouge marching in step spouting rhetoric about O'Bama's medical plans and SEPs that they were obviously spoon fed (I got chills watching this video--can anyone say "Hitler's Youth?"). Socialism doesn't work, socialized medicine doesn't work. As Lord Acton said, "Absolute power corrupts absolutely" and socialism is just one step away from communism--do we really want the government distributing ALL of our wealth (not just the portion we earn from Jan-May which it already takes to pay our income taxes). David Ayers, who incredibly enough is reforming the education system in Chicago, is pushing a socialist agenda and he found his intern in O'Bama. Together they're pulling the wool over a bunch of ignorant individuals' eyes. Where's THAT story in the news?

Re: Danny (a Patriot) post: "3. I would love to hear more on how (no money down) home loans were given to illegal immmigrants with only a tax identification numbers. Apparently, some couldn’t make a single payment let alone 30 years of payments." ****************************************************** Right - interview some local lenders and realtors across the country - ask them how they see their practices of these high risk loans, now that the economy has tanked. I'm just saying don't let this segment of the "problem" get away green-handed!! If they are forced to admit their mistakes, maybe future home buyers will be more careful when they're offered a deal that seems too good to be true!! If Congress wants to "claw" back from the huge companies, why not the little soldiers they had on the battlefield originating these loans and selling the properties, too?? I'd love to know the numbers on commissions by local real estate brokers, realtors and loan originators, title companies, etc............ Not to pick on these two entities - if there are other segments of the industry involved, make that known, too. I guess what I'm saying is that this global crisis goes all the way to main street, but so does the responsibility. It wasn't just the big guys making these deals, the local folks made the deals that made the big guys' deals possible!!

The entire way these issues are framed up is what the media is missing. I am an independent. I have no faith in the Republican or Democratic parties anymore. I tend to be a conservative thinker, but neither of these parties are serving my family's or my countryman's best interest anymore. The majority of the coverage, that I see, is from partisan pundits casting blame. They add NOTHING to improving the situation. Our politics has devolved into a sad sporting event where spin is used to score party points and the scoreboards are polls we are inundated with. The people we have in important decision making positions are generally best at being a party spokes model. What we need are Americas best and brightest to bring real world practical experience to bear on the important decisions facing our country at this critical hour. We are getting Hollywood drama. Put a "spending freeze" on pundits from both parties in all media. Media is supposed to play the role as guardian of free speech and holding our elected officials accountable. Media has lost its way. They are now part of the game and choosing sides. Because of this spin, Americans have lost the ability to really hold their elected officials accountable, and we are paying a terrible price for it. Somebody out there call an end to this game for the love of God. Real people are being chewed up by this madness. It has certainly been entertaining, but the time has come to sober up and answer The Call as so many of our forefathers have done in the past. I really don't know if I can stomach one more partisan pundit blathering on about the talking points that were emailed to them that morning. Honestly ask yourself a question. Has anyone in the Federal Government really fixed anything important to you lately? Has anyone fallen short? The only thing we all seem to be in agreement on is the other guy is definitely to blame. We are "spinning" ourselves into oblivion.

NEWSFLASH!!! Finally someone (a Sheriff in Cook County, Illinois - CHICAGO) has ceased evictions of renters who have receipts showing payments to owners WHO DIDN'T PAY THE MORTGAGE! WE NEED MORE PEOPLE LIKE THIS!

The Media has willfully missed those responsible for the "meltdown" which was caused by the financing of homes for those who did not qualify. Chiefly the Democrats (Commucrats) are at fault. There are Republicans that need to be ousted as well. Send them packin!!

The Media has willfully missed those responsible for the "meltdown" which was caused by the financing homes for those who did not qualify. Chiefly the Democrats (Commucrats) are at fault. Their are Republicans that need to be ousted as well. Send them packin!!

If I were in charge of the media, since it's all about "scooping the other guy", I would be working on scenarios of what is next. I would have prominent economists that were predicting this calamity several years ago (Jim Rogers, Jim Sinclair, Monty Guild, et all) to layout what they forsee happening instead of the usual talking heads. In my internet educated pea brain here is what I forsee. Fast forward to six months from now, the Government does what they said they will do and scoop up most of the foreclosed homes & buildings with the idea that the housing market will stabilize. Congratulations US Taxpayer, you now own a bunch of residential and commerical real estate. The only problem is the value keeps declining because no one can sell because the banks still aren't lending. Wall Street has tanked to the 6000 mark +/-. The government has had to revert to the gold standard again because any US paper is pretty much not worth the paper it is written on and the national debt is growing exponentially. Everyone is saying "why in the world did those dumb bunnies in Washington pass that $805B plan?" and "Why did they say adios to Lehman. Didn't they know the banks would know they have no 'bailout recourse'?". The unemployment rate is north of 20% with tent cities everywhere. The banks have access to all this cheap Government money but are still paranoid to hand out any loans to even well qualified applicants. They start drawing on said cheap Government loans, because their revenues are waning with no income. Uncle Sam gives them one scoop but tells them they must loan the money or they will be taken over. Things then go from bad to worse. Soon we will have one bank, the US Federal Reserve Bank of America (a marriage of BofA & the US Fed). Wecome to Socialism/Communism. My friends it's not a pretty picture and I bet I am not too far off.

Despite Ike and the shortages of gasoline in the southeast oil futures have continued to drop. Furthermore, the only global region untouched by the lack of liquidity in their financial markets is the Arabian peninsula. Talk about being held hostage; how come no one is complaining about how inflation is being manipulated by the Oil Czars. While where I live our public schools langour, some Houston area public schools can afford to build indoor stadiums twice as big as professional baseball stadiums with local tax revenues. Oil exec kids get state-of-the-art classrooms and mine get 50 year patch-em-up ones; don't you see this is part of the anger building up among the majority of working, middle-class families. Personally, oil speculation and futures is just another Republican party protected get rich scheme that is going to crash like a cement kite.

The media missed researching and reporting on the root cause and those responsible, although the liberal media would have to report on some of their darlings like Barney "Franco".

Let's See what did the media miss. The bought and paid for media arms of the Liberal Democrat Betrayers of our Nation miss; The Truth , the whole Truth and nothing but the Truth. What's sicker is 50% of America lap it up without a question and the notion that these bought and paid for liars are neutral journalist ,What a joke. When we ask who is accountable and needs to be in jail . The deliberate misinformation of the American public should be a hanging offense.

I commend to your attention the previous comment by Kevin M -- I think he hit it on the head: "Mainstream media has really missed the stories of the real cause of the mortgage mess. They haven’t traced back the Democratic pressures on CRA, Acorn and the giveaway money to non quailified purchasers demanded by the Barack Obamas, Barnie Franks and Chris Dodds of government. Instead they want to place all the blame on the Republicans who fought them all the way." Finally, when you really get the message, don't just editorialize once on the inside pages -- take a cue from Bill O'Reilly and SHOUT IT LOUDLY FROM THE ROOFTOPS! Do an interview like he did with Barney Frank. That was so well deserved.

Major newscasts (ABC CBS NBC CNN)are continuing to broadcast entertainment for public NOT REPORTING NEWS. If true reporting was done on a continued bases believe me this issue would have been uncovered.

The media has missed it all. They are so set on electing the likes of Obama into the White House that they cannot remember who started this mess and who it is hurting. Folks like you and me. The wealthy commucations moguls want the Democrats inso they can get their unannounced tax breaks. Don't let Obama kid you, someone has to pay for his ideas and it will not be the rich like himself or his friends that own the communication networks in this country. We are now paying for those mansions and spa trips, the CEOS loved and enjoyed. The media has missed that this mess began with Carter and has continued throughout, with increased momentun during the Clinton administration. The media has not heard the storys about home owners that would like to keep their home. Not every bad loan was a sub-prime loan given to a low credit score. Admittedly their are con-artists in every profession and may any man that has never been taken, please STAND UP and be noticed. Their are Doctors and lawyers in this mess, it was a scam and Fannie and Freddie and the Democrat congress were the leaders of the gang. Our media is the going to be the second reason this country fails and falls into the hand of terrorists. You are embarassments to the human race, much less your profession. The first reason will be the election of Obama into the White House. The media needs to remind the leaders of this country who is hurting and stop trying to pick our president. YOU PEOPLE NEED TO LEARN HOW TO TELL THE TRUTH AND DO IT FAIRLY.

None of the media discussed the legal aspect of the bailout. If there was any constitutional laws broken. If it's constitutional for the fed chairman to have so much power.

How did the medial fail us? Let me count the ways! You can start with the fact that the media didn't just miss but completely ignored the fact that this was entirely the fault of the Democrats, that it began with them and will end with them, by forcing lending institutions to lend money to people who had no means to repay their loans. They missed the fact that nationalizing an institution like a bank is one of the goals of socialism. They missed the fact that driving down the prime lending rate made higher risk loans more attractive to higher risk applicants, but also reduced the savings rate, forcing middle income investors into riskier financial products, like mutual funds, that are not insured. And now the fed has reduced the prime lending rate even lower. Good move. Now our savings are totally worthless. They missed informing people that that difference between savings and lending rates is how the banks make money. But, they make money lending other people the depositors' money and that depositors' should have a right to expect some interest on their savings. Otherwise, they might as well stuff the money in a mattress. They missed the fact that the govt is just a poor businessperson, witness the Social Security debacle, which dwarfs this one. They missed pointing out that socialists like Obama do not want people earning interest on their money, and so are just as much in cohoots with the banks as any Conservative lobbyist. They missed the fact that the Republicans should have (proverbially) cut off their right hands rather than sign that rescue bill, especially after it was laden with pork. Politically, it was a foolish move; they allowed the Dems to put them over a barrel - a pork barrel. It was political blackmail. Don't sign and you look like you don't care. Sign as is, and you give them Dems everything they want. Ask for compromises, and you compromise yourself into buying pork. They missed informing the public that socialism is poison to a free market society. It's an economic coffin that will nail the bottom half into hopelessness and the top half into economic slavery. One half of the population will be carrying the deadweight of the other half - and their kids. I could go on and on. You can chew on this piece of "pork" for the time being....

I'm sick of being ccalled "Mainstreet." There should be an investigation of Congress and every congressman, beginning with Barney Frank, and bring criminal charges against them if they are found complicit in ignoring this mortgage lending crisis!!! I say hangem from the nearest yardarm!

comment to Lulu 12:53 pm I had a realtor who worked her tail off getting me documents and putting things in place for a cash sale on a foreclosure house. She didn't get a penny when the company holding the deed pulled the listing at the last minute and "bundled my paper for auction". I can only imagine the inflation of the bad mortgage debt as these lenders sell between each other allowing the price to inflate even more before it reaches a buyout. These companies don't realize we can do our own sleuthing. My house has been sold TWICE already. The "bailout" is nothing but another opportunity for those WHO HAVE IT to capitalize on the taxpayers WHO DON'T. I smell fraud!

Did the Media "miss" anything? It seems the media is either preoccupied with running a front for their pals in Washington or subverting the culture with concerns over what vapid actress did what with what vapid actor. With that, here's what the Media missed: They missed the truth. They missed being objective about what has been happening and who's responsible. The Media is no longer a body deserving of such things as "freedom of the press" because they are no longer "the press." The Media is merely an extension of policy makers and P.R. firms. There's simply too much money to be made with that business model. As digivix wrote, they simply missed EVERYTHING that really matters, or mattered. They no longer speak to us, they speak at us. Neil Cavuto is the exception.

Does it really matter any more? The American public has lost the right to say no to the people that "believe" they have the answer. Democracy is in trouble if something is'nt done about these outrageous situations.

Romans 13 vs 7,8 7 Render therefore to all their dues: tribute to whom tribute is due; custom to whom custom; fear to whom fear; honour to whom honour. 8 Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law. Many professing believers have gone into a lot of debt -- credit cards, cars or "buying" a house with 50% down. They would do well do to close (all) their credit/debit card accounts and sell the cars and homes that aren't paid off. Downsizing/renting is not the end of the world. I've not had any credit/debit cards for years and I don't miss em.

How much is Obama's proposal of socialized medicine is going to cost us? Estimated 50 million people without insurance, average of 500. a month for family coverage. Who is going to pay, I think it's WE THE PEOPLE. Canadians are having 53% of their salary taken out of their paycheck taken out to support that benefit and they're only 30 million people on their system (which is awful quality of care as well). Why is no one addressing the cost of this government take over of health care, not to mention that Medicare and Medicaid are in trouble, not working, what makes people think that this will be free???? I think Obama supporters need to know what this is going to cost before the ELECTION.

The media missed it all! Here is another. It's now time for the builders and the realitors to pay for what they helped to create. Time to loose some guy's. Payback for NOT building and selling the kind of houses that the next gen homebuyers can afford!

The media has completely glossed-over the fact that the people (Main Street) who took out loans they couldn't repay are hurting the economy just as much as, if not more than, the "fat cats" (Wall Street). I suspect that this isn't being reported because it would hurt ratings for the media since it's not a good idea to point out how their audience is to blame. The media is not reporting the fact that only a huge cultural shift in this country will turn the economy around, not flavor-of-the-day baillouts. People need to stop buying things they can't afford. We need to stop propping up credit-based jobs and let them fail and be replaced by real jobs that contribute real growth, not just imaginary credit-swap "productivity," to the economy.

I'd like to hear a follow up on the "man with a small printing business that couldn't make payroll next week". Who was that (female) representative who cast her vote based on his needing credit? What about ALL THE OTHER e-mails she received? I hope he has a direct line number to reach her when he needs money THIS FRIDAY. She should have to personally bail him out! Oh! Maybe she doesn't have the credit.

Fox, and nobody else, hasn't adequately covered what I think is the real issue yet - and that is the liability imposed by CDS's. There's over 60 Trillion in CDS's written, while the entire global economy in 2007 was about 50 Trillion. It makes the subprime mess look positively unimportant. The level of alarm at the Government level in countries across the Globe isn't merited for something like the subprime mess. If all we were worried about was the subprime mess, then 1 Trillion isn't really that big a deal. 60 Trillion is. The concern about the CDS explains completely why it is the FED is pressuring bigger banks to buy other failing banks rather than letting them go bankrupt. If they were to actually go bankrupt, then the holders of the CDS's would then break the big insurers overnight, which is why the AIG thing scared people so badly. Nobody is explaining this, and that includes the politicians. Frankly, if they understood what happened with CDS's the outrage over the incident with AIG about the $440K 'spa day' would be minor. AIG and others got overly agressive in assessing and passing on risk to double their profits. $60 TRILLION in risk may come home to roost. That, to me, is news.

On a micro level, one could argue several items the media has missed, such as: 1) Personal, corporate, and governmental debt 2) "The market" simply does not want or need government intervention - there will be pain regardless of what the government does 3) The breakdown of the American family - for example, the education system is supposed to be responsible for virtually everything people need to succeed. In reality, core family values, including healthy personal finance lessons, should be passed on and reinforced. On a macro level, a question needs to be asked. Has this crisis been manufactured and fed to the citizenry? We've all heard about twelve families, groups of 300, the all-sseing eye that controls government and business at all levels. It is understandable that media will not thouroughly investigate or give credence to this idea. After all, some say this same group uses its resources to control media. I know...its a craaaaaaazy idea...

I think the coverage has been a little bit to much of the sky is falling. I agree the markets are in trouble at this point but i also believe that this is a ctrl-alt-del of how the capitalist system had been infected with a hidden socialist mantra. I wish the media would do a more effective job laying out the social engineering that begin to choke the capitalist and free enterprise of the USA. I would also like to have more references to how lowering taxes on the so called "evil rich" would prevent this turmoil from going any further. Our socialist tax rate is kickin our ass!!! Tell the people how self sufficiency will make us strong and prosperous once again.

Why isn't the media interviewing the Dept of Justice? What are they doing in all of this? you-tube doj

the left has been screaming depression ever since Bush was elected. Of course now they are really happy to have something to show for. In reality the Country is really gloomy at the prospect that the left may actually win this election

Is this the end of America as we know it? We had dinner with some friends Tuesday night and my friend told me that she thinks America will never be what it was. Is this what most people think...is she right? That is something I would like for Fox to look into.

I don't hear anything about realtors in any news stories. They've been hustled by finance companies for years and stongly prodded to find lenders for their clients - if one turns them down, take them to another more lenient lender. The lenders lobbied real estate companies in weekly meetings with friendly offers and promises of loan approvals for clients with low credit ratings. They saw the same housing bubble we did, yet denied it while new construction was on fire and existing homes flooded the market. I know of clients who should not have been approved walking out of closings with no downpayment and cash in their pocket because of the way the loans were being calculated. With prices at false highs, they were doomed to fail. Realtors made billions - legally - but were just as involved as the lenders and politicians. I'd like to see the National Association of Realtors (NAR) brought into the discussion now to explain how they could have denied the housing bubble at the beginning of this issue. Of course, they'll deny any fault, just like our politicians, but how about disclosing how much money realtors made in the last ten or so years - they should be held responsible for part of the foreclosure problem and I'd like to see them give up some of their commissions on the foreclosed properties! Same for the folks in the local lending offices - how much money did they make in commissions on bad loans? How about a law for the future that requires commission forfeiture if the property goes into foreclosure within 1 or 2 years? I'll bet you'll see a change in their behavior. AIG execs said yesterday that "unrealized losses" were ignored when their compensation packages were figured. How about "unrealized gains" - were they ignored? When risky behavior results in this kind of crisis, we need to revamp the entire industry - and don't leave out the ones on the bottom of the chain. Yes, the home buyers bit off more than they could chew, but they were lured into a sense of security by the lenders and encouraged by the realtors to reach for that dream - to own your own home!

Gary hit it dead on. An overabundance of debt and the ever easier access to credit for anyone who has a pulse. I would also say the over hype of ALL the financial reporters saying if wall street is not happy or show emotional distress that the end is near and we are all doomed. No the only people that should be doomed are those parasites on wall street. Over the last 2 decades the focus of every company has been driven to SHORT TERM quarterly reporting, and any expectation (read as BAD FORECASTING BY ANALYSTS) that falls short, even if the company is profitable it an excuse to bash the company stock on the street. We really need to wash that whorehouse of wallstreet out, get rid of the cute accounting and focus on yearly reporting, thereby allowing companies to start working on true productivity and profitability and not allowing these paper tyrants in wall street to dominate every aspect of our lives! I am all for the clawbacks and serious jail time for white collar criminals - and these guys have been exactly that!