An "I want it now" society that refuses to live within its means is partly responsible for the subprime-mortgage crisis, Mayor Bloomberg said yesterday.(New York Post)
"I think you just can't blame the banks," he said, taking borrowers to task.
"They say, 'I want the great American dream. I want it now and I'm not going to wait until I put some money in the bank.' . . That's where we lost the moral compass of saying no to people who did not have the earning capacity to support a mortgage."