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[quote user="henry6"][quote user="Bucyrus"] The biggest lie we have ever been told is that the mortgage crisis is the fault of Wall Street or the private business sector, and that it was due to a lack of government regulation.  This is what actually happened: The government pressured lenders to make risky loans and then assumed that risk on behalf of the taxpayers.The pressure was based on the premise that minorities and low-income people were underrepresented in the arena of mortgage creation, and that the government interpreted that as discrimination.  That amounts to overregulation, not under-regulation as is widely charged.  Lenders naturally balked at the government pressure to make loans to under-qualified borrowers, so the government through their agencies of Freddie and Fannie, agreed to assume the risk for the loans that lenders created.  With that government pressure, coupled with that government guarantee co-signing the loans, the lenders threw caution to the wind and lent money to anybody.  Of course, the bad loans cannot be repaid, and the government does not have the money to cover their guarantee.  So they need a trillion dollars from the taxpayers.    The ones who actually caused this problem, along with most of the news media are now pointing their finger at Wall Street as a means of deflecting the blame.  Do you really think that if these blame shifters really thought Wall Street was to blame, that they would offer to bail them out?  If you look at who is pushing the bailout and who is dragging their feet, the ones pushing would be the last ones to bailout a greedy corporation.  No, the reason they are pushing for a bailout is because they know that they have a big problem, that they caused it, and that eventually everybody will figure that out.In the big picture, this was a way for the government activism to advance the affordable housing agenda, which is actually socialized housing whereby money is taken from those who have it and used to buy houses for people who don't have enough money to buy their own house.  Except, in this case, the agenda was snuck in the backdoor, under the radar, rather than being advanced in congress under the sunshine of public scrutiny.  The agenda was so well camouflaged, in fact, that the public has largely not yet figured it out even after the chickens have all come home to roost.  The public is being led to believe that we are now preventing a problem with the bailout.  But the problem is fully created, and is way beyond the point where it could have been prevented.  The bailout is the pain needed to fix the problem.  It may not fix the problem.  And it may even compound the problem.  We are in uncharted territory.  [/quote] I can't believe any of this. It always was the Democrats that supposedly pushed such goodies for the lowly populace.  But here we have had a Repbublican adminsitration that even its Conservative constituants complain allowed these money barrons free reign without oversight.  Don't make the argument a matter of your convenience but stick to truths and facts.[/quote]Today's credit crisis stems from the housing crisis, which was all about "pushing goodies for the lowly populace" as you put it.  The so-called goodies were loans that were given to people who could not pay them back.  Now, the taxpayers are being asked to pay for those goodies.  As usual, the pushing of goodies was motivated by the empowerment of the pushers, and not for the benefit of the recipients.  Lenders are in the business of figuring out credit risk, and they don't lend money to people who they believe can't pay them back.  So you have to ask why they threw caution out the window if you want to unravel this.  Keep in mind that when people lose billions of dollars, they blame it on someone else.  So they are blaming Wall Street.  But, even so, most of the public is having a hard time understanding why the politicians are so anxious to bailout the greed of Wall Street.  It seems a little inconsistent.  If Big Oil got into trouble, do you think the politicians would want to bail them out?
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