“How did it happen? Greed and Stupidity.”
Don’t forget government interference by demanding that banks find ways to give home loans to those who weren’t eligible for conventional mortgages.
There is no way but this administration and the last knew the risks of both overextending credits in the housing market and tremendous government deficits on this economy but these idiots refused to admit and act on what they knew to be the true situation. All of this to essentially buy votes. We have incompetents in office throughout the United States. Both political parties are almost equally to blame. Even some so-called conservatives refused to face facts.
We will see the Schumers and other liberal instigators of this mess take to the airwaves laying total blame on the republicans while the incompetent republicans remain totally inarticulate and fail to respond listing the true reasons for this horrid mess.
It is a pathetic situation. We are headed for a total economic breakdown without any responsible politician being able to explain to the electorate as to the reasons for same.
That would be the Democrats work with the CRA (Community Redevelopment Act....Countrywide was big with that ...I believe)
Info link....might be better ones: