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Who's To Blame?

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The Tampa Tribune

Published: February 20, 2009

As we are well into the recession brought on by the burst "housing bubble," I have seen blame apportioned to any number of "malevolent" forces including "predatory" lenders, "greedy" developers, "unprincipled" house flippers, George W. Bush and the wicked Dick Cheney, as well as other evil or indifferent classes of fortune seekers. The theme is played to demonize all who thought to profit in housing while portraying those facing foreclosure as victims, duped by sophisticates playing two or more steps ahead of them.

There may be a nugget of truth in placing some of the blame on some of the former. It is ironic, however, that the utter lack of indignation directed against those abrogating their obligations to their creditors has created a sense of entitlement. Why are we so uniformly gentle to the people quitting the homes they so recently did so much to "qualify" for? While it is now obvious to all that home values also fall, it has always been thus. We should not be so tolerant toward those who have forgotten that officially declaring bankruptcy is a tool meant to help people satisfy their debts, not escape them. Perhaps we'll see a return to economic growth once the re-established paradigm of paying one's debts is accepted by all rather than just those who always do.

Why are there no calls for investigating the enormous sums of money spent by cities, counties and state governments while property tax revenues were accrued in windfall proportions during the boom? Why has no one questioned the impact of government in creating and fueling the "bubble?"

Perhaps a reporter or two could find where all that housing boom tax revenue went. Are there any reporters and editors unafraid of angering Democrats? There has been no shortage willing to step on Republican toes.

F. J. JEFF AZIZ III

Tampa

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