U.S. Senators are grumbling and sabor rattling about Foreclosure surges which were actually caused by a massive real estate and credit bubble.

These senators are blaming sub prime lenders who “pray on the vunerable”.

The real villians were Alan Greenspan and his merry men. When a recession was needed after a massive asset bubble on the stock market which peaked during the dot com boom days - Greenspan and his banker friends lowered interest rates to some of the lowest sustained interest rates in history.

This incredibly low cost credit set about to create one of the largest housing bubbles in history as eventually even trailer park homes sold for millions of dollars.

The reserve bank fellows of course had plenty of pressure from polititians and the general public to get the economy moving after the dot com crash.

The truth is the Foreclosure surge will eventually be a burden shared by everyone in the population - and deservably so.