People are more outraged over the incomptenceof the government and criminality It's the MSM and political spinmeisters who are trying to funnel the anger at AIG I don't the the Pols realize how close we are getting to physical retrobution by the populace for crimes against the state and the citizens This crisis is no longer a financial crisis it is now a political and government crisis
The Blame Equation .80x (Washington) + .20x(WS) = f(x) A solution which ignores either part of the equation.... Is not a solution after all..... ....................................................................... ¨ Bigger govt. is not an ¨American Solution¨....
Funny how people like you argue lack of regulation was the problem, yet if you follow politics in the U.S. do you really want me to believe things would be better with more regulation??? What is regulation good for in this completely rotten political system? What comes first?? Law or free markets douchebag??
The problem was government inteference. No way would the mortgage mess have happened had the government not mandated that they give loans to unqualified buyers and not let Fannie Mae get so out of hand. This is another example of where the government caused the problem, blamed the private companies for it and is using it as an excuse to get more control over the system.
Those are secondary effects. The culprit is Greenspan. When the housing market overheated in 2004 he dumped gasoline on it by lowering rates. All the nonsense about Fannie and Freddie, subprimes and adjustables came afterwards. Greenspan caused this. Period. Bush, whom I voted for twice, stood by and cheered on "home ownership". The Fed should have raised rates. Any sane Fed chairman would have.