what happened in terms that make sense. How, in the face of everything that we know about lending, was such a high volume of bad loans made? So many bad loans that our entire economy was threatened. It would require the encouragement and complicity of government to make this happen. That kind of government comes from the liberal ranks which means Congress. After all, you can simply dictate what it is that you want to happen in the real world. Right? Isn't that what we have learned?
Add to that some loan organizations that sought to make a killing, and leave the tax payer with the bill. That kind of operation smells of organized crime. They got their money, and got out.
Add to that the employees at the big Wall Street firms who are the product of American education. They think they are a lot brighter than they really are, and they buy into this fiasco. They didn't need to be careful and prudent. They had tons of technology to make them bullet proof, and the confidence that they could do whatever they wanted. Oops.
Now, we wait to see if someone can figure out how to wind this down, and if anyone has the will to fix the problem. Jessie Jackson and Obama are already telling us that we need to forgive the consumer debts. Wonderful! Reward the speculators, and kick off huge inflation. Let's pray for some adult guidance.