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Originally Posted by Last Post
You know what, there is blame to go around for everyone. Everybody knew what was going on. The politicians said nothing, but what idiot couldn't see that there was a huge mortgage bubble brewing?
And 10 years ago I kept hearing "we haven't had interest-only loans since the great depression". Uh, ding ding ding, if you didn't think these were gimmicky loans, then yer a fool.
Everyone let it happen. But you know what? The people that were in control got burnt the worst. The lenders that are stuck with debt and little liquidity now deserve it. The lenders that are in foreclosure and can't buy a new house deserve it.
And as a side effect, I get screwed because my fellow americans did nothing to change it. But I'm ok with it because I'm a lot better off than others. But to bail out ANYONE is complete and utter stupidity.
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Follow the money - the mortgage executives got their commissions and bonuses and the companies that sold the worthless mortgages got theirs and anyone who put little down and grabbed a home equity loan and then walked away got theirs. The government has had to bail out by guaranteeing Bear Stears mortgages and holds some worthless mortgage guarantees and we the taxpayers got screwed.