Thank You, Boneheads

Life was very good until this recent financial crisis. Personally, my retirement accounts are down nearly 30%. My children's college accounts are down 25%. I have to listen to a Republican candidate for president talk about nationalizing our country's mortgage portfolio. Why?

Because a bunch of idiots took out mortgages they couldn't afford.

Because a bunch of fools took out interest only mortgages.

Because a bunch of nitwits took out home equity loans to buy boats and take vacations.

Because a bunch of irresponsible, self centered, short sighted airheads assumed the value of their house would rise 10% annually in perpetuity.

Because a bunch of morons took out negative amortization loans.

Because a bunch of bleeding hearts insisted America is racist, so they forced the financial institutions to change lending standards so otherwise unqualified borrowers could qualify for a CRA mortgage loan under a different set of standards.

Because a bunch of jerks issued loans that they knew would never be repaid.

Because a bunch of arrogant pricks assumed they could package away risks by bundling bad mortgages into a worse CMO.

Because a bunch of tools on Wall Street squeezed their fellow institutions in the midst of the crisis, all but ensuring the failure of several major banks.

So who's left to pay the bill? Me. And every other borrower who has been living within his or her means over the past decade. We pay our mortages on time, we pay our taxes, we work hard at our jobs for a 3% annual raise, we teach our children about responsibility, commitment, and honor. What do we get in return? A nation in a major hangover because of the drunken excess of irresponsible borrowers, greedy lenders, and Wall Street financiers who aren't quite as smart as they think they are.

And just to be crystal clear - this isn't about Democrat or Republican, liberal or conservative, black or white, or Catholic or Protestant. This is about responsibility vs. irresponsibility, and if you are in the former category, thank you for your role in causing this crisis.