re: #211 jvic

1. It’s a step too far to say the products were designed to harm the buyer. IMO the bankers were indifferent to the products’ consequences for the buyers. Amorality, not malice.

2. If the hedge positions were all that strong, the banks wouldn’t be fragile today. Profitability may have returned, but the condition remains fragile.

The other side was pushing expanded home ownership and, arguably, continues to push it today.
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As Obama acknowledged early in his Presidency, “there’s plenty of blame to go around.”

I’m less interested in laying blame than I am in determining responsibility. Reasonable people can disagree about how best to fix the mess, but an inaccurate assessment of responsibility increases the chances that the crisis will return.

Both sides were pushing expanded home ownership. W ran on the ownership society in 2004.

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