The Vanishing American Dream! Ted Miller of Oakland, California in his Letter to the Editors of the New York Times October 15 is placing the blame for the economic meltdown right where it belongs:
"Thomas L. Friedman should not blame the Americans who opposed laissez-faire capitalism, starting with the Reagan revolution, for the current financial mess, nor its innocent victims for accepting houses they could not afford given to them by the un-regulated Ponzi scheme capitalism.
"The blame lies with those still in the White House, and those trying to get there, who foster the belief that government regulation is not necessary because the market will take of itself."This letter explained the economic destruction de-regulation has brought about. However, I would never classify all of the 2 ½ million people who went along with buying these foreclosure homes as buying something they couldn't afford at the point in time they made their purchases. But they are not necessarily all innocent victims.
Wait... There's more!