jeromemsn wrote:jpete I don't know what or who you think I blame this mess on,
If you don't know who I blame then you aren't paying attention. CONGRESS
Because happy voters don't upset apple carts, Congress manipulates the system to ensure the most happy voters.
And while you may have resisted the temptations of cheap and easy money, obviously, most people can't. But I don't blame the people. Thanks to the Department of "Education", most of America are functionally illiterate. They couldn't possibly hope to understand complex schemes like credit default swaps or mortgage backed obligations.
All they knew was that someone (a bank or other lending body) was telling them they could have all this stuff. If we lived in a free market world, obviously, no bank would ever cut it's own throat giving loans to people who didn't have a prayer of paying them back.
But we don't live in a free market. We live in a market where Congress constantly has it's thumb on the scale. Where, thanks to the "Community Reinvestment Act", banks would be PUNISHED if they didn't offer bad loans. But it was OK, because of the Federal government, the banks were insured against bad loans. Just run the loan through "Fannie" and "Freddie" and if the loan goes belly up, the government is on the hook, not the bank.
All so GWB and the rest of Congress could run on a platform of "the highest percentage of home ownership in history" and a stock market that was booming.
The idiot voters were happy, who gives a damn about the laws of economics?
And this stuff happens over and over but Congress keeps getting elected over and over because the idiots are too busy cramming Cheetos down that gaping hole in their face while watching "American Dumbass". More votes are cast for some douchebag wearing eyeliner than are cast for any member of Congress or the President.
And that is the reason why nothing will ever change until we are all scrounging in the street for a scrap of stale bread.