Originally Posted by Dave Rice
Dan:

You make an interesting point but I'm not sure the capitalist bankers caused the market meltdown. It seems that Fannie Mae and Freddie Mac, in the interest of promoting ownership of homes to people who were totally unqualified to assume debt of any kind, were in the forefront,


I wasn't going to comment anymore... but I must dispute the above... Lending money to people who are unable to sustainably service their debt has nothing to with promoting home ownership... Or are you suggesting that financial managers all over the world have all of a sudden ALL got stupid at the same time? That may be the lie they told to get the laws relaxed but not why they did it... It has everything to do with greed... the debts were on sold to unsuspecting investors the more they had the more investors were encouraged to buy ... bigger the risk the bigger the return... till one day the pyamid was as big as it could get..

Cheers



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