Who is to blame for the subprime mortage mess which has effectlively locked up much of the global credit markets and pushed the US economy into recession. It is the banks. Period. If they had been responsible in their home lending practices, most of the thrashing of the economy could have been avoided.
Thus says Warren Buffett as he tours Europe like a king. According to Reuters "The banks exposed themselves too much, they took on too much risk …. It’s their fault. There’s no need to blame anyone else," he said.
Buffett may be right, because a number of companies like Countrywide Credit (CFC) gave mortgages to people who were able to buy homes for over $1 million on salaries of under $10,000.
Nonetheless, it is 20/20 hindsight. Where was Buffett when we needed him?
Douglas A. McIntyre
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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