If it’s (just) the Dem’s fault (and I’m not absolving them) then explain why Iceland is bankrupt.
Because, Iceland bought into the Bolshecrat lies.
Independent situation with Iceland. I don’t know what their exposure to sub-prime is, but there are certainly global factors in play here.
Keeping Fanny Mae and Freddy mac in the game buy buying any and every crappy mortgage the mortgage brokers could get rubes, illegal aliens to sign allowed the carny game to continue. The Democrats screamed bloody murder when attempts were made stop the game or at least add some sensible guidelines.
Allowing a majority of the bundled loans to be graded AA securities and sold because the loans were backed up by the federal government was the true crime. Investors all over the world bought these. Good as gold they thought.
It is not only the Democrats fault by any means. If it was so obvious, Bush and Republican leaders could have insisted that the issue be dealt with. Walking out of the House and Senate and bringing them to gridlock until they were given a chance to explain the con game going on would have helped.