@ samurai... you can give out sub-prime mortgages with apr balancing to give a longer, yet payable mortgage to lower level income families... what did us in were the people buying unnecessary items essentially on credit... what i meant to say was that we grew fat on credit in this country during the 20 years of the clinton and bush reign. the banks made it so easy to get loans for anything and everything, in fact it has been easier for people to get financing on an atv than a loan for college... try to fathom that. i assure you, the ammount lost by the mortgages given to the urban, mostly black civilians is unparalleled by the monstorus mountain of money engulfed by the middle class citizens. what i am saying really killed our economy were the people who borrowed to get their stupid jet skis or boats or a house which they obviously didn't need or have income for, or brand new trucks and atvs etc..... i had relatives exactly like this, they were so far into loans it was unbelievable .. during a 4 year period, they financed a new truck, a boat, two jet skis and a new house... i assure you this was not the result of Obama and ACORN pushing for housing for the low income families
this was a zero sum game for everybody, the banks had a dominant strategy to allow easy financing and sell out the bundled, useless loans- the people had a dominant strategy to grab the easy financing and get their hands on whatever they could imagine...
the only thing that could have prevented this would have been strict government regulation, yet everybody seems to be/ have been sreaming "yes to capitolism!, we want unbridled, free reign, dog eat dog, everything goes, free market economy!"
