Sorting through the information flood for usable knowledge for our farm
Nice summary, but no mention of Washington DC's hand in this mess with Freddie and Fannie and FHA encouraging and guaranteeing all these sub-prime loans.
brandon:Good point, and there are probably other players as well. As I recall the idea of home-ownership as a major societal goal was widely embraced, so the blame can be cover many of us.
This could not have happened without Washington's mandate dropping the requirements on these loans at the same time encouraginging lending institutions to have a certain amount of "high risk" ie. urban redevelepment loans on the books. Thats where it started back in the 80s. And we are supposed to trust these same clowns to get us out of this mess? The very same congressmen in charge of the banking committies 30 years ago are still making the decisions.
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