Quote:
Originally Posted by Calgaryborn
I mean that bad things happen sometimes through no fault of your own. But those bad things are yours to bare. It's not fair to mortage your children's future. As for the cause of the financlal crisis I would lay the blame squarely on the Congress and Senate first of all. They controlled Fanny and Freddy. Next the President(Bush) because he wasn't agressive enough in sounding the alarm. The CEO's would come in a distant third. If I knew I could make high risk loans and turn around and bundle them together and sell them(to Fanny or Freddy) for a small profit I would be all over it. Fanny and Freddy were billed as government backed so who would think the well would be shut off without notice.
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Better back up farther than that. Deregulation in the USA started under Reagen and accelerated under Clinton and throughout it all, Allan Greenspan said everything was ok.