eyeswideopen

Capitalism: RIP

To Citishark, what do "liberals" to have to do with this current crisis???
This is capitalism at it's worse, not liberalism. This started with the Clinton admin, and the Republican congress, unless you consider republicans liberals (lol). We need to vote everyone out, everyone that has been there for the past 20 years Dem or Repub.

The Financial Crisis Explained

I have to agree with Satguru. Loans to lower income people were not the problem. CRA loans are not subprime loans. I worked in the mortgage industry for 25 years, and now I am out of a job because of this mess.
The problem is deregulation, no oversight whatsoever. Buying a house was easier than buying a car. It made no sense, but since the loan products were available, greedy people sold them. Everyone is to blame hear, EVERYONE, not just Congress, not just Wall Street, but the lenders, the brokers, the Realtors and the buyers, borrowers. But,
lower income people and the loans that have been made available to them are definitely not to blame. There's a reason why banks had to offer such loans, if the banks would just treat every borrower equally, then they would never have been "forced" to provide that type of financing in the 1st place. So, I have lost my job after 25 yrs in the lending industry, will the govt bail me out?