Dark Star

Rep. Barney Frank was elected by a majority of the people of his district in Massachusetts. Senator Chris Dodd is brought to us by many but not all of the voters of Connecticut. And so on. Most of us never had the chance to vote for or against these solons. So why should we be blamed?

The regulatory changes that led us to this point were the work of lobbyists, bureaucrats and lawmakers including Dodd and Frank and corrupt executives, like Raines and Johnson. We know or can know their names.

The idea of blaming “all of us” is a way to avoid blaming those who did the deeds and reaped their ill-gotten gains.

What about cheap mortgages? Sure, some of us took them when they were offered. But who offered them and why? Yes, it is the Clinton-era changes to the Community Reinvestment Act that forced banks to lend more for “affordable housing.” Law firms, including ones connected to Obama, sued banks that failed to meet their low-income quotas for mortgages. Bankers were not driven by greed, as everyone says, but by fear. Fear of the baying hounds of regulators and lawyers would call them racist and ruin their careers. But who unleashed the hounds on the bankers?

Particular policies and people made this mess. The public’s only role will be to pay the tab, a cruel addition that will equal more than $2,500 per person. Can’t the talking class at least have the decency to stop blaming the one group generous enough to pay for the party they didn’t attend?