REGISTER VIEWPOINT: End of the ride

There's plenty of blame to go around for the financial meltdown, U.S. Sen. Sherrod Brown said during his recent swing through Sandus
Sandusky Register Staff
May 24, 2010

There's plenty of blame to go around for the financial meltdown, U.S. Sen. Sherrod Brown said during his recent swing through Sandusky.

And the Cleveland Democrat deserves a little credit for acknowledging that the runaway train that finally wrecked on Wall Street, for all the fun it gave the Republicans the last decade or so, left the station during the go-go 1990s when the Democrats were in power.

Republicans, smarting under the charge they let their buddies treat the economy as a vast, fiscal amusement park, point with grim joy to the fact federal financial regulators were instructed by the Democratic Clinton Administration to open up the subprime loan market to people who, in retrospect, weren't financially ready to think about buying houses.

And from there the bubble kept lifting itself, bigger and bigger and thinner and thinner until it didn't take much to pop it.

But that bit of old news means this mess took an awful long time to make, so it's not reasonable to expect it to be fixed by the next commercial, the way we've come to expect our problems to be resolved.

Meanwhile, we can take some small comfort that the great disaster, like most trends, hasn't quite caught on here yet. Local financial institutions reassure us they still have money to lend because they didn't jump into the deep end with the big fish.

That's good advice on the individual level, too -- don't buy it if you can't afford it.

The problem is, we seem to be able to afford less and less these days.