George wrote:
Kurt Ullman wrote:
In article
,
Smitty Two wrote:

Sorry, but your account of what happened simply isn't true. You
probably got the fiction from Fox news, or Rush. The real story is
far more interesting. The amount of capital in the world doubled or
tripled within a few short years, while the number of investment
opportunities stayed the same. American home mortgages were the best
investment around, and the world's money demanded more of them. The
only way for mortgage brokers to increase the supply, was to relax
the standards for qualification. And relax they did. It was pure
capitalistic greed, not idealism, that drove us into the dirt.

Neither is yours either. Actually both are right and both are wrong
as both (along with Greenspan's too lax too long money policies,
changes in the way both mortgage and banks were regulated in the early
00s, and other things too numerous to mention) all put us in the
jackpot we are in today (including to a certain extent nothing worse
than returning to the mean).


From everything I read you are correct. Both "sides" participated in
the "crash".

I called my bank a few days ago to check on a transaction. In their
typically very friendly way, they added a little promotion to the
conversation - offering savings accounts. Starting at one-half of one
per-cent interest. Methinks we and our banking system are insane.