#1 sheesh. Speak for yourself, VDH. Many Americans did not do this and they are the ones who are going to foot the bill for those who did. What caused this mess was that regulators looked the other way in exchange for sweetheart deals and allowed the risk to removed from those who hawked bad loans for commissions. No one cared that any blind man could see that a huge number of borrowers would eventually be unable to pay. It was a ponzi scheme that anyone who had even a minimum amount of knowledge knew would eventually crash.
The problem is that those who were making the loans didn't care. They could make their commissions and bonuses and then sell the junk to someone else all nicely wrapped in packages that kept the stink under wraps long enough for them to get out of town. |