No question, the tribulations of borrowers who are defaulting on subprime mortgage loans are real. Those borrowers deserve our sympathy and our prayers.
But that is very far from saying that the Federal government can and must regulate choice to prevent individual misjudgment.
A more important underlying cause than lack of Federal regulation was described in "Infantile America" (http://www.thomasbrewton.com/index.php/weblog/
"Collapse of the subprime mortgage market reflects the â€œdonâ€™t trust anybody over 30â€ mentality of the Baby Boomers. "From 1605 until the late 1960s, Americans universally subscribed to Benjamin Franklinâ€™s maxim, "A penny saved is a penny earned.â€ Since the Baby Boomer student anarchism of the late 1960s and 1970s, we have become a nation, on balance, worshiping infantile, instant, hedonistic gratification...Â