Wall Street simply reacted to stupid Federal mandates.
There's plenty of blame to be shared by both the Feds and Wall Street.
Wall Street banks were pitching the sales of these toxic assets to the public while at the same time was betting against them. The Federal Government, which helped create them by forcing these Wall Street banks to issue them to otherwise uncreditworthy homeowners in the name of "diversity."
Boys will be boys. I have no problem with that. ... Just don't turn around and run for President saying that you've been creating jobs. We and Newt will call you on that.
Some freepers will call you a Communist for holding bankers partially responsible for this mess. Some of them are blinded by their ideology that corporations can do no wrong and all blame falls on gov. Democrats are the opposite, gov can do no wrong and everything falls on corporations. Bottom line is by the time we convince the people of the truth, it is already too late. Spend the time to prepare your family for the currency crisis as our financial system is running out of paper schemes to prop it up. Stock up on food/water, guns/ammo, prescription drugs, toilet paper, precious metals and hard assets. Read up on Argentina, Mexico, Serbia and even Russia as their gov ran out of money and the banking/paper currency system collapsed. Bank holidays, high inflation, shortages and outages, and currency resetting will destroy people’s savings unless one is prepared properly. Also study post WW2 Britain as their society had to cope as the British pound no longer was the world reserve currency and the hardships the middle class endured as their buying power eroded slowly. The erosion of the middle class has political ramifications. When our two party system can no longer provide fast solutions or answers, then a third way will be seek. Depending how bad it gets, it could mean a dictatorial government and the end of our republic. Right now part of the revolt think it is big government and the other part think it is Wall Street bankers, sooner or later someone is going to figure out it is really both. When that happens the existing elites of our nation will be swept away thru polls and the new government will jail Dems/GOP/Wall Street bankers.