Quote Originally Posted by Steve Boyd
Ask yourself what the US Government Debt really is. It's actually made up of things like Government Bonds, nice safe investments that if the idiots in the banks had bought (i.e. lent their money to the Government) instead of squandering their funds by lending them to the seething hoards living in dilapidated properties in run-down down-town USA the world wouldn't be in this mess.
The reason the greedy banks lent money to people who wouldn't pay it back was because they were told to by the US Gov't in the 90's.....

Fannie May and Freddy Mac were the two lending institutions that created the marjority of those loans. They then sold these loans to other banks as part of other transactions and basically poisoned the whole banking industry in the US, and some of these bad loans were sold to bank's outside the US. Now ...you want to draw the lines and connections here to why all this was done or do we need to spell it out? Heck..I might as well, Steve, the government of the time was interferering in a process that has run well for decades to solve a problem that the government wanted to solve, that is put more minorities and lower class workers in their own homes, which conveniently is BS because people who cannot afford the home and have no equity IN the home would have no problem walking away from the home.

So...in conclusion, before one blames this on bankers, ask why Senator Dodd and Barney Frank were so defensive when questioned on all of this stuff emmm? They were head of the committees in the Senate and House over seeing all of this and took record numbers of donations from Wall St. firms over the years.

Government should regulate and NOT participate in the economy and politicians on financial matters should NOT be taking millions in campaign donations from the same institutions they are overseeing......