Showing posts with label subprime-mortgage crisis. Show all posts
Showing posts with label subprime-mortgage crisis. Show all posts

Wednesday, September 17, 2008

Our billionaire mayor speaks out on the "I want it now" society


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.

"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."
(New York Post)