Why America is Drowning in Mortgage Debt

Katrina Vanden Heuvel of Nation Magazine has posted an insightful essay about the U.S. mortgage crisis. Citing Jesse Jackson's appraisal of the situation, here's a quote:

"Nobody seemed to care because of who was profiting, on the one hand, and who was being exploited on the other," Jackson said. "But now the water is -- like the Titanic -- the water is up around the deck where the big people hang out. But where did the water come in? The water came in at the bottom of the ship. The poor always pay more for less -- for cars, goods and services, insurance, food, banking money. This time, however, it's affecting the whole economy, that's what is different about this. Again, if the government had not allowed the rich to get richer at the expense of the vulnerable you wouldn't have this crisis."

One more thing, the "government" Jackson is talking about is "us" -- you and me.