Seriously……..I am sick of hearing everybody that was involved ….from the poor “victimized” sub prime borrower who should have known better, all the way up to the CEO of major companies whine, complain and finger point.
The reason for all this economic gloom:

GREED

1. You make 40K a year. The bank will lend you 600k. You accept. GREED.

2. You make a sub prime loan, knowing full well what will happen, but dont care because you will sell the loan to someone else. GREED.

3. Your bank decides to not only make subprime loans, but you decide to create a “double upside down reverse interest which is added to principle loan” GREED

4. You are the CEO of a major investment bank. You create CDO’s/default swap and other products that no one understands. But hey they make money. GREED

5. You are a country/pension fund/money manager/investor who buys the previously mentioned products. You dont understand what the hell thry are, buy man, do they ever offer a too good to be true return. You buy anyway. GREED.

6. You are one of 450 million of hard working americans who live below their means, save for a rainy day, and walk away if it sounds too good to be true. You are a real example of the American dream, and keep things humming along.
Now you are expected to foot the clean up bill. SAD!!!!!!!!!!!!!!!!!

Although I have always respected , and somewhat envied the American way, i must admit i am blown away by this all. It is not the first, nor will it be the last. It is however the first economic “crises” that I have actually experienced as a grown adult with a vested interest in this all.

Everytime I watch 60 Minutes, Dateline, etc and learn more about all this started, brewed, and the spun out of control, the more I shake my head.

I am not knocking Americans by any means.

I am just saying it “aint right”