re: #159 wozzablog

Mortgage Backed Security debacles and an over inflated housing market from people who should never have been accepted for credit getting it.

Credit was not being managed. At all.

once credit was given it was balled up in to indecipherable securities packages… which were not regulate and which ratings agencies passed off as AAA.

And to say that the governement forced these loans is asinine, the government wasn’t even buying these loans (if you consider freddie and fannie “the government” which wasn’t technically true at the time) until late 2005, and only because they were supposedly losing lots of money by not doing so. Stupid government, not nearly as efficient as running the economy into the ground as private banking. It could really learn a thing or two.