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Socialism cannot compete!,
Oct 17 17:40 pm
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All Comments by dawdler »Don't Blame Declining Lending Standards for Subprime Mess [View article]
I don't really buy that this was the Democrats who pulled this off. I think it was pretty much a group effort by everyone: borrowers, lenders, mortage brokers, investment banks, regulators -- everyone fell down.
In my humble opinion, the assertion that anyone was "strong-armed" into subprime lending is absurd and delusional. The subprime lending was driven by greed, not coerced.
The fact is that the whole system went crazy with greed. Everyone involved, including borrowers, was deluded by mass hysteria. Nobody wanted to be the chump not making money.
While I'm opposed to any but the most carefuly crafted and conservative bailouts, I think trying to pin this mess on any one group is useless and counter-productive.