"Don't come whining to us with your problems" could be the summary of both President Bush's declaration Friday afternoon basically repeating the commentary of Federal Reserve Chairman Ben Bernanke earlier in the day. This is not to say that sympathy cannot be found for those home owners caught in the squeeze of rising interest rates and lower home values. However, people who entered the housing market late speculating on continued rising prices hoping for quick flips will be left without a chair because the music has stopped playing. All except the funeral march perhaps.
Big Ben said "It is not the responsibility of the Federal Reserve-nor would it be appropriate- to protect lenders and investors from the consequences of their financial decisions."
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