ChaosMotor

Some of us pros wank on the left to keep our mouse-hand free.

First weed OD in the history of man.

Classy stuff, big guy.

It's easy to say "I want free stuff!" and then when someone comes along and brings logic to the party about how you can't have free stuff, people get butthurt.

They bought houses that they could not realistically afford because everyone saw it as a huge money making venture and like all speculative bubbles the players thought it would go on forever.

The banks specifically sought to lend liar loans, and Fanny / Freddie absolved them of any risk whatsoever on these loans being repaid. The GWB push for home ownership provided falsely low interest rates that also didn't reflect risk. Cheap, easy credit made it easy to buy, which drove up prices and new home construction, which then needed to be filled, engendering even more moral hazard. At the same time housing prices were higher but "cheaper" than ever, personal monthly liabilities had been massively expanded in the last generation, reducing savings, and leading to widespread credit card debt, while real wages had been falling for decades.

Risk was falsified in a multitude of ways, and I think the government policymakers, Federal Reserve, Fanny/Freddie, banks, and speculators are the ones who are to blame for this. They are the ones who falsified risk, they are the ones who purposefully stimulated the market to issue outrageously dangerous loans, and they are the ones who gambled on getting paid back by people who had less money every day.

It's no surprise the system collapsed and to blame the homeowners is to essentially blame the victims and absolve the criminals responsible