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By SCOTT FRIEDMAN

A Solution to the Economic Crisis

Posted 8:36 a.m., March 19, 2008

A Solution to the Economic Crisis

Our economy runs on trust. The problems it is having now are due to the fear that still more untrustworthy behavior will come to light. Every time the public is told all the bad news is out, the markets and economy improve a little. Unfortunately, those saying “all the bad news is out” have been wrong.

For the economy to recover, trust must be restored. That will happen when people take responsibility for their part in creating the financial crisis. As long as there is denial of responsibility things will continue to get worse.

If congress were to pass a law saying everyone who had a part in creating this crisis post to a web site an admission of their responsibility and an apology within 30 days or be sentenced to 5 years in federal prison; the crisis would be over in 30 days. For people who posted to the web site there would be forgiveness. For those who say we shouldn’t let those off the hook, I say if we’re going to bail out major corporations, essentially REWARDING them for their greed and problem creation, the least we can do is forgive the little guy who comes clean.

No one, to my knowledge, has come forward and accepted any responsibility for their part in the creation of the financial crisis. I played a part and apologize for not speaking out more vigorously about the fraud I know about in the mortgage industry. Even today there are still stated income loans being abused. These are good and appropriate loans when used responsibly and should remain available, and like a hammer, are useful tools when used responsibility.

We’ll get past this crisis when people step up and take responsibility for their part in it; when they demonstrate they can be trusted to admit their mistakes.

Scott Friedman

Mortgage Broker

(Including Reverse Mortgages)

805 383 2545

900 Avenida Acaso #G

Camarillo CA 93012