Come on Wall Street, don't be slow . . .

Why man, this is loans a-go-go!
There's plenty good money to be made
Enticing home buyers with adjustable rates...

Froma Harrop reminds us we've seen heard this song before (Originally Published on Thursday February 14, 2008):

Schemes We Have Seen

During the push to privatize Social Security, the idea's foes were accused of not trusting the American people to manage their own money. The naysayers prevailed, and aren't we glad.

How interesting that the buildup to the mortgage meltdown employed many of the same sales tactics as the Social Security privatization scheme. Resentment, fear, flattery and hype — plus scant details on fees and other costs — all went into the pitch.

When a former Fed official called for rules to tame the subprime mortgage business, the peddlers howled. This was an attack on low-income people, particularly those of color, they said. Without lax lending practices, fewer minorities would have enjoyed the blessings of homeownership.

(Worth reading in full, if the link lasts.)

So, hello subprime paradise.

Bye, bye, Miss American Pie.