Its actually quite simple, we are in a certain stage in a cycle that has been happening since caveman just about. What good does placing blame do? Especially when a bunch of, I guess, reasonably intelligent people cannot come to a conseus. If anyone remotely knew what was actually going to happen I assure you they would have been shorting the market instead. Anyone that thinks that this was obvious should be rich now. Otherwise the market crashed and the fact that it did was proof that just about everyone had no idea what was going on. If there ever happens to be a point in time when everyone does what they are supposed to do and we all experience no emotions, can't find anyone to blame, and live essentially in a perfect world then the market wouldn't fluctuate at all. What fun is that?
The republicans say that there is a bill that forced the banks to make these loans to people who couldn't afford them and thus the democrats are totally responsible for the financial mess. Is this just repeating Rush and Hannity?
Holy S**t, you americans need a post degree to read and understand a mortgage contract? ha ha, if that's the case you guys are dumbest f**ks on the planet. For goodness sake, if you can't read, dish out 200-300 dollars for a lawyer to do it for you.
Why are we even arguing about which party is to blame in these bogus mortgages? The last time I checked, it took at least two parties to sign on the dotted line of a mortgage contract. Seems to me that personal responsibility cuts both ways. That idiot on Dateline? Yeah, she screwed up. Was the lender an innocent victim? What happened to performing due diligence? I guess the borrowers stopped caring about what would happen when they couldn't pay just around the same time that the lenders stopped caring. Some million-dollar, MIT-trained geniuses figured out a way for both parties to absolve themselves of responsibility. Sounds like a win-win for everyone...except taxpayers, investors, and responsible people who aren't lining up to be "bailed out". So lets see, the woman with the $2100 mortgage? She loses a house she couldn't afford anyway, and probably moves back into an apartment that she can afford. The lender? Might be belly up, but all the people who were supposed to be minding the store already got paid, lining their pockets with commissions and bonuses. So it looks like the investors took the hit there. Oh, maybe the lender is "too big to fail". Lets cut the US taxpayers in for some of that loss as well.
This was a mess created by politicians (Republicans and Democrats) and business. Though the republican followers like to pawn off the responsibility to CRAs/ACORN etc.. Just sheep who believe stuff... Seriously nobody talk about the actual numbers of CRA etc. They always misrepresent CRA with possible side effect (every legislation has a side effect).
Isn't the solution to all of this really figuring out a way to let our losers lose and our winners win without compromising the system? I think so, although clearly Obama does not.