Fuck you and your Limbaugh parrot shit. He's a clown. The true reality is we are all at fault, so let me clue you in.
The SEC, Congress, Fed Reserve, and The People created this problem. In the beginning poor regulation and lack of enforcement initially created this problem.
The SEC - knew AIG was insuring toxic loans and also turned a blind eye to unregulated credit default swaps. The system was so corrupt the SEC, a government agency, destroyed 1000's of complaints from private watchdog groups. Government agency are strictly forbidden to destroy any records of anything. To date, nothing has been done about it.
Congress - Instead of practicing our true capitalistic system and letting these banks fail, Congress voted in favor for the Fed to flood massive amounts of money into the system attributing more to our large debt, not once, but three times now. Now when the markets/business even get a bit shaky, they want a QE3. In short, business/markets transformed to socialist who feel they are entitled for the FED to step in and calm the markets.
Fed Reserve- Like Congress the FR refuse to let the markets/business correct itself and let business and banks fail. Now FR is pumping (
QE) trillions in low/no interest loans to keep the system afloat preventing true capitalism, creating an entitlement socialistic business arena that will eventually fail. Meaning, why should I work hard when my competitor can simply expand/carve out a larger market share with endless ZERO interest FR capital?
The People- who bought into the fact a $35k-$45k yearly income could buy a $275k home or more insuring their stupidity not understanding a variable mortgage loan application. They simply bought a home they could not afford out of ignorance and learned the hard way the number one rule of investing? Don't invest in something you don't understand. Now they feel suckered by the banks, when in truth, their own ignorance was at fault.
The true victims are homeowners who can afford our mortgages that now suffer from property devaluation because others were too stupid to understand their loan condition/terms as these homes now sit empty on our streets.
It's truly hard to feel sorry for them because they're completely oblivious that they're also to blame for this massive problem. Although, it's easy to see why they're so upset when they watch these very same banks get flooded with zero interest capital as they're being foreclosed on as they still refuse to take responsibility for themselves. It's truly pathetic.