Shaker the ghost town
Drudge links to a story on the objurgate/foreclosure crisis, which happens to be about the home town of Shaker Heights.
I think, from the few streets named in the article, I can figure out which part of town this is (Note to the AP editors, it’s Chagrin Blvd not street).
However, there’s a quote from the County Treasurer, Jim Rokakis, where he puts the blame on the crisis soley on the banks:
“All you needed was a pulse to buy a house. Some loans were written with no money down, no proof of buyer’s incomes. They did not even check what people were saying. Most of those folks were jobless,” he said in an interview.
IMHO, part of the blame does fall at the feet of the banks for taking on such a risk. However, people need to read what they’re signing up for, before they sign on the dotted line. That’s what seems to be missing, responsibility for not understanding the conditions of the loans.
I hear a recurrent theme that people who don’t live up to their contractual obligations are at fault. I tend to agree. However, where are these same people when corporations decide they don’t want to pay the pensions they agreed to? How is it that individuals have to operate intelligently and ethically, but corporations aren’t held to the same standard of conduct?
FWIW: I live in Shaker — the article is grossly incorrect, as noted in other’s comments.
Comment by Andy — 1/28/2008 @ 3:23 pm