[ChinaThreat]

The root problem is, that this setup was doomed from the beginning. The federal government had an implied relationship with Fannie and Freddie, that if they failed they would be covered. By the taxpayer. As usual, its a hell of a lot funner to gamble with someone else’s money. This has been coming for a long time.

There are a few fat cats laughing all the way to the banks...the ones that are still open.

[tcostell]

I'll grant you that the system was flawed and I think it's safe to say that it contributed to the problem of the excesses. But that's not what is creating the "crisis".

There aren't any fat cats who are enjoying this.