Gloom & Doom?

This is an article that I found in the Houston chronicle about Governor Perry's refusal to call a special legislative session to address the record number Texas homes that will most likely be foreclosed on. This is due to the high level of subprime loans in the state. The situation has gotten so bad that in august alone 16,970 foreclosures were filed. Texas Sen. Eliot Shapleigh warned Governor Perry that the economy could slip into a recession due to the sub-prime loans going under. And yet Gov. Perry seems surprisingly optimistic calling the impending crisis a simple "housing trend that occurs both in good and bad times". His dismissal of this issue is highly irresponsible. Texas is going to be in real trouble when these loans are recalled. Out of the top ten subprime urban centers we have seven including the top five: El Paso, Corpus Christi, Laredo, Killeen-Temple and Beaumont-Port Arthur.

But honestly I don't know where the blame should fall. On those who lack the will to help, or on those who allowed such impossible loans to be lent in the 1st place. The American people have all become little profit engines for the elite while the economy depends on the ability of the average joe worker to earn just enough to pay the minimum on his lifelong debt , never paying off, but always paying. Something really needs to be done about subprime lending. Too many Texans are getiing trapt in this vicious cycle.