Good, I hope the market implodes, from all the risky speculation to pump up the market and economy for the Republicans who were trying to hold onto congress. Too bad it didn't work. now here comes some opportunity, just sit and wait like a vulture. I just hope congress doesn't step in to bail on the dip shits on wall street.
What did the "young guys" do wrong? If borrowers give fake tax returns or lie on their application, is it necessarily their fault? In addition, competition from loan companies made all the "NO DOC" and "no stated income" loans available and greedy buyers and borrowers of all types took advantage of them. No 1 particular group can be blamed. The whole nation was pretty much in on it. The Feds actually encouraged the nation to all be "homeowners". Witness the tax law change several years back on no capital gains on owner-occupied property. This was the beginning of a huge incentive for many to buy at any cost. It wasn't so much lying/cheating to process loans as the system funding those loans *encouraged* the stupid borrowing and housing appreciation to occur because that way, it was "reasoned" everyone was getting rich from "homeownership"
a decent read and analysis of it all http://www.merkfund.com/merk-perspective/insights/2007-06-25.html
"BTW, just what DOES Gummint do for us except spend our money and confiscate liberties?" It seems its purpose has been redefined as 'helping big business'.