grousemaster wrote:The gun was put to the heads of the banks forcing them to make loans to people that wouldn't have otherwise been eligible. Truth.
Which is a part of the problem, but the millions of middle/upper-middle class folks who were not on "the list" who decided to McMansion their lives and borrow temporary/bubble equity to buy toys they could not afford that actually drove a problem into a crisis.
Ultimatley we still elected the folks who created the legislation in question - there was no significant outcry while everyone was surfing the national wave of artificial wealth which would have been the right time to raise an objection. We chose to stay out late and party, the national financial hangover is a predictable result just like it is when I try (and succeed!) in out-drinking a Canadian as a matter of national pride and wake up feeling like I'd been trampled by a herd of angry camels and infested with some form of brain eating insects.