bthomas

The Escalator of Life Is Going Down (Part 2)

While I agree with the sentiment of the article. Personal responsibility lies with everyone who remained exposed to this market since Oct. 2007. If you lost big that is still your fault. As harsh as that sounds. Herd mentality tends to eliminate most of the herd, in my experience. The truly sad fact is that we (mostly congress) didn't learn from the Great Depression, and repealed Glass-Steagall. Now roughly ten years hence we are up to our ears in this mess. For the same period GDP was essentially driven exclusively by housing cash out refinance. So we produced nothing but convoluted derivative debt that has nearly collapsed the economy. House Financial Services Committee, U.S. Senate Committee on Banking, Housing, and Urban Affairs; you should be proud of yourselves. Now get to work!