Economic crisis: the farce goes on

We stopped the TV for a few minutes just now on CNBC’s “House of Cards”, a “special” about the mortgage bubble. The program is denouncing and exposing fraud and greed on the part of mortgage companies, brokers, and, yes, some homeowners.

Whew! Sure glad we’ve put all that behind us, now we just have to recover and clear up the mess.

Then there’s a commercial. Guess who one of the sponsors is? DiTech, whose obnoxious ads over the past few years lured in many a homeowner or would-be homeowner, for shady loans. They’re baaaack!

And DiTech is run by GMAC, the General Motors financing arm founded to provide loans to purchasers of their cars. Could the huge losses which DiTech/GMAC must have sustained possibly contribute to the financial pickle General Motors is now in? and for which they are asking a taxpayer bailout?

I’m shocked, do you understand, shocked!


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