The Establishment, The Pigeons, & The Foreclosure Crisis

Columnist Robyn Blumner for The St. Petersburg Times recently made this observation on the subprime foreclosure mess:

• It's the perfect crime, so big and so reeking of establishment that few recognize the inherent criminality, but the results are the same as if some street thug held us all up at gunpoint. This country is spiraling toward recession. Huge amounts of wealth have disappeared with upward of 2 million families in danger of losing their homes to foreclosure, all because of the corruption of people in suits. When someone gets mugged for the few dollars in his wallet, the thief goes to prison for years. But when bankers, mortgage brokers, credit-rating agencies and investment firms conspire to scam investors and exploit the naivete of borrowers in order to enrich themselves to the tune of billions of dollars, no one goes to jail.

For the rest of her observations, see Thugs in suits shooting pigeons (column appears in the Pittsburgh Tribune Review).

For the slightly longer, original version of Robyn Blumner's column, see the St. Petersburg Times: They ought to draw a go-to-jail card (same columnist, different headline writer).