The real estate / construction industry was extremely greedy and built lousy products. Most of the newer homes are of shoddy quality and to top it off, thousands of acres were ripped up to make space for homes that are now sitting empty in far-off suburbs that have zero community, asthetic or any other kind of value. Face it, this is one industry that deserves its misery even though some good people are suffering. From politicians to planning boards, everyone who got in its way was simply bullied, coerced or paid off to agree with it. The subprime crisis, the toxic derivatives crisis were all an extension (and result of) the housing / construction industry.

UNLIKE what industries?

Banking?

Insurance?

Auto?

Yeah, none of THEM did anything shabby or that resulted in sub-standard products or bullied, coerced or paid off people to agree with it, huh?

Any or all of these that deserve their misery even though some good people are suffering as well?

Yes, you are right. The feds should take over that industry. Then we could all live in the wonderful new 1000 SQ ft apartments that are all alike. And they would be Free.

yes wall street was counting on homo marriage to keep the boom going but now the fart bubble like a unwelcome friend at a hot tub party has poped ..what next secularsexist primordial perversion can sweep us up into a orgy a greed and lust

The 'real' evil is the market of consumer debt. Years ago US banks started selling consumer debt to foreign nations, namely China. Eventually the banks ran out of debt to sell, but there was still more demand, so the banks were able to have laws passed to loosen borrowing. This newly created debt was higher risk than the former debt so it was packaged together with low risk debt and sold to the hungry overseas markets.

Eventually like any balloon market, it popped, and people were hurt. But if anybody was at fault it's the banking industry, which the US government quickly and happily bailed out. Listen to any wacko conspiracy theorist and they all focus on the one piece of evident truth, it's the banks. Debt is equivalent to slavery, and owning debt is equivalent to the ability to print money.

I do not see how the blame is on the builders and developers. Banks, looking to quickly sell debt for a profit, gave loans to people who could not afford them and whose lives would be shackled due to the loans. As long as they could give the loan and quickly move it it didn't matter who was hurt, the bank made its money and that's all that mattered.

TomK3:

The 'real' evil is the market of consumer debt. Years ago US banks started selling consumer debt to foreign nations, namely China. Eventually the banks ran out of debt to sell, but there was still more demand, so the banks were able to have laws passed to loosen borrowing. This newly created debt was higher risk than the former debt so it was packaged together with low risk debt and sold to the hungry overseas markets.

Eventually like any balloon market, it popped, and people were hurt. But if anybody was at fault it's the banking industry, which the US government quickly and happily bailed out. Listen to any wacko conspiracy theorist and they all focus on the one piece of evident truth, it's the banks. Debt is equivalent to slavery, and owning debt is equivalent to the ability to print money.

I do not see how the blame is on the builders and developers. Banks, looking to quickly sell debt for a profit, gave loans to people who could not afford them and whose lives would be shackled due to the loans. As long as they could give the loan and quickly move it it didn't matter who was hurt, the bank made its money and that's all that mattered.

Did the banks play under the rules set by congress? Do you blame the players or the rules committee when there is a bad rule?

The nationalization of the banks, put we the people at great risk. We allowed them to get too big to fail. The incompetence and corruption in congress is our fault for electing and reelecting people who act based on money and votes, instead of what is right. The old town banker was watched like a hawk by the town and the state. Once they were federalized, congress let them take too big of risks with our money.

Congress has fixed the housing market and the banking market numerous times. Why should I expect better results from the current congress.

wmou2:

Did the banks play under the rules set by congress? Do you blame the players or the rules committee when there is a bad rule?

The nationalization of the banks, put we the people at great risk. We allowed them to get too big to fail. The incompetence and corruption in congress is our fault for electing and reelecting people who act based on money and votes, instead of what is right. The old town banker was watched like a hawk by the town and the state. Once they were federalized, congress let them take too big of risks with our money.

Congress has fixed the housing market and the banking market numerous times. Why should I expect better results from the current congress.

The question is who's at more fault, the banks or congress for letting the banks get to where they were? If you ask any conspiracy theorists, it's the banks who actually run the world. I accept that as a partial truth. However, since the foundation of this nation there have been non-stop warnings about the banks.

The banks played under the rules of congress, however they were the ones who brought the rules to congress to pass.

There's the old axiom, 'follow the money'. Follow it all the way and where do you end up? The banks course.

TomK3:

The banks played under the rules of congress, however they were the ones who brought the rules to congress to pass.

There's the old axiom, 'follow the money'. Follow it all the way and where do you end up? The banks course.

Coaches are notorious for trying to influence the rules committee to make rules that favors their team or philosophy. Those who make the rules are to do so in the interest of the players, sport or league. Congress is supposed to make the rules in the interest of the american people, but most vote their self-interest. Such as campaign money.