Variable-rate mortgage — an instrument of the dark side?

In Ireland, on the eve of the spring 2010 government (taxpayer) bailout of banks that "must not fail," one of those banks raised its interest rate by 1½ percent.

When people are already suffering and worrying, the bank demands more from its captive debtors. It will get its money, or take the house.

The fact that this exact bank went into partial taxpayer ownership the following day... the timing is "unfortunate," according to those who know about the industry.

What is unclear is how a variable-rate interest can be justified in any climate.

A loan for which the repayment can be changed at the whim of the lender....

And when that lender is powerful and corrupt....

The word "evil" is overused....