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alan greenspan contributed to the housing balloon by low interest rates. barney frank and chris dodd et al created the subprime housing mess. countrywide provided cheap loans to u.s. congressional members in return for favors. Look, Obama is up to his neck in this sub-prime catalyst for the global financial meltdown. He sued Citibank on behalf of minorities getting mortgages they could never repay in 1994. He trained ACORN operatives on how to Mau-Mau bank directors and their families with demonstrations in front of their homes and breaking into board meetings. He had Franklin Raines of Fannie Mae, convicted crook CEO, as his housing advisor in the campaign. Rahm Emmanual was heading Freddie Mac. Tin Hat Alert: Not only that, I believe there was a collusion between Soros, limousine liberals, euroweenies and petrobillionaires to gin up a false financial crisis to overthrow republicans, with the aid of our media. I think they started withdrawing from our stock market, and doubling the price of crude through speculation, from last October to July. And they wound up collapsing our economy (made fragile by the race hustlers like Obama) just like they did during the Arab oil embargo. Looks like it became worse than they ever planned or imagined the last two months. To wit, our gas prices falling very fast to pump blood into our economy, hoping to prop things up, undo the carnage and turn Obama into a savior. Their cash will come streaming back into our markets come late January. More capital disappeared getting Obama elected than the entire cost of our Bush wars. Obama's campaign suspended standard address verification procedures for online commerce. This allowed anyone in the world to contribute with a fake U.S. address and Obama did not have to report the identities as long as the contribution was under $200. McCain documented every donor, no matter how small, and his online system rejected any donor with an address not matching. I wish to congratulate the world on its first purchase of an American presidency.

...and petrobillionaires...

unless you refer to the speculators, 'cause producers were just along for the ride. The money to produce the oil had long been invested when the market went up. The crash didn't come from the oil industry, but the financial one.

Oil prices came down because demand went down (credit crunch, less usage, refineries shut down due to hurricane, and the decrease in financial speculators in the oil market (scrambling because of the housing bubble deflating), brought down the bid price for crude oil.

It is a symptom, not a cause of the problem.

It was the housing sector which brought the house of cards down, and Chuckie Schumer must have won the coin toss, 'caus he got to kick off the whole mess by announcing the meltdown.