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Originally Posted by Spin  Quote: |
Originally Posted by Milkman And I blame the borrower and not the lender. | How can that be though? A trillion dollars in possible losses and its the guy in the streets fault?
How could the guy in the street ever be held responsible for this?
The blame lies with Walls St, they couldnt package these crap loans quickly enough, the world was lapping it up like cats round cream. A bit futher down the chain are the maggot mortgage brokers selling complex products with the promise of rising values and eternal wealth.
I dont see how the end user can be responsible, he was just going along with the tagline out of the fed "homeownership is the American right"
Greenspan has a lot to answer for, he left rates down at 1% for too long and that set the ball rolling for the bubble. |
Spin, you have fair points, and I stand corrected. honestly may have erred in my commet of blaming the borrower
not the lender.
I blame the borrower
more than the lender.
Yes, Wall St. and the entire system of *allowing* this to happen lies with the government, laws, Congress, public banks that issued CDOs, and private morgaage lenders that were all greedy.
Greed + Stupidity.