"Fed acts against dubious lending" (Dec. 19, Page A-1) read the headline of the story. What happened to the Republican philosophy of "Oh, that's just free enterprise at work" and "They should pull themselves up by their bootstraps and find a way to help themselves." That's pretty hard when you can't afford footwear.
Are we supposed to feel guilty now that financial institutions are finding the going a bit tough? Join the club; suck it up and try harder; there are a lot of second (or third) jobs out there flipping burgers. That's all anyone hears from bankers when you can't make your payment.
There are a lot more reasons one can't make full payments than finding money for toys. But finding a little compassion in a financial institution is not possible. If a few lenders have to shut down and feel the pain and humiliation of losing everything, so be it. That won't ever happen though; they'll be bailed out through reorganization and the beat will go on.
RICK VAN KUREN