You need to learn the history of Fannie Mae and Freddie Mac. The meltdown was caused by stupid regulatory policy. When attempts were made to reform the policy Democrats in the US Congress, like Barney Frank, blocked the reforms for political reasons.
The US Government, not Wall Street, is the problem. Notice that the current 0bama "fiscal reform" bill does not fix this derivitives problem? Because the powers that be in DC do not want this direviatives scam fixed. There is too much money to be made using it.
“Completely Wrong.
You need to learn the history of Fannie Mae and Freddie Mac. The meltdown was caused by stupid regulatory policy.”
Oh stop, no one is completely wrong ever. Remove your hand from the big on/off knife switch in your head and the world will become a whole lot more comprehensible to you.
Now, tell me how those bad loans got bundled together with good loans and then insured so that they were rated AAA. Who came up with that bit of connivance? Anyone with an ounce of analytical ability looks upon AIG’s malfeasance in agreeing to insure those crap bundles with anger and disbelief.
This has NOTHING to do with regulation and A WHOLE LOT to do with a sociopathological ethical framework in the boardrooms of America, period. NOBODY made waves, nobody did what a handful of men did at Lexington and Concord. I think that the Wharton School of Economics and their ilk need to be taken behind the woodshed and encouraged to open a Department of Heroism and Righteousness among all that moldering brick and ivy.
You want a whipping boy, smack AIG around the block. Why that company’s board of directors isn’t looking over their shoulder on the evening commute is beyond me.
Life should be made as dangerous for them as their actions have made it for millions of Americans, including patriots such as yourself.