Doing a little investigative journalistic work, I think I’ve blown the lid off this whole Wall Street meltdown… and it ain’t pretty.
Think about it: Wall Street lobbyists grease the palms of politicians who pass laws deregulating the banking industry so they can sell sub-prime loans to any jamoke with a pulse then take those risky loans and re-sell them to investors building a shaky house of cards that comes tumbling down so now they’re asking the government for a blank check to give the same hucksters who created the problem a nice payday so that they can skip off into the sunset with pockets stuffed leaving taxpayers with two fistfuls of diddly squat.
So who’s at fault? Hmmm, they see no evil, hear no evil, speak no evil…
Hi there. The only things you left out was that because there was such a flood of easy money in the housing market, housing prices increased by 100% over the past 5+ years, and in addition to taking out huge loans from said money hungry a-holes, we also decided to take out equity we didn’t have to buy more stuff.
This mess was inevitable, but we all wanted in on it, IMHO.