Quote:
Originally Posted by buckman
Wasn't it the forced regulations placed on the banking industry to provide the" American Dream" to those who couldn't afford it what got us into this mess?
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Not really, that's the "I wanna score some cheap points with the Sean Hannity audience" sort of answer...
It was the bundling of mortgage based assets, shoddy oversight by regulators and derivative trading (which largely circumvented regulations) that are probably most to blame.
Certainly sub-prime borrowers were/are a part of the problem once the market stalled, but don't think for a second the banks didn't love handing out mortgages like candy. They could skim a little cream from the top and let somebody else deal with the rotten milk at the bottom.
-spence