> I know everyone thinks that those running the mortgage companies and banks should have gone to jail but most had done nothing illegal. Most had operated inside the laws and regulations set up by the government.
Just because nobody was prosecuted doesn't mean nobody broke the law. If someone markets a product as something it is not, most folks would agree that would constitute fraud, even if the seller isn't charged and convicted of a crime. In the case of the financial meltdown, there was widespread corruption throughout the industry. Brokers were marketing mortgages to people who didn't understand them and had no chance to repay them. Underwriters were rubber-stamping those same mortgages, and investment bankers were packaging them up and selling them to overseas investors as safe products backed by the US government. They DID NOT do this because the gubmint told them to do it. They did it because they were making money hand over fist and they wanted to rake in as much dough as they could before the whole thing inevitably blew up.
Yes, much has been made of the folks who took out mortgages they didn't understand to buy houses they couldn't afford. But the mortgage industry only turned to these unsophisticated and unqualified borrowers after they ran out of borrowers who were even marginally qualified. In the end they even ran out of UNqualified borrowers, but that didn't stop them: they cooked up esoteric derivative investments that were even riskier than the garbage on which they were based. Sorry, but you can't blame the mortgage crisis on the folks who were told they could buy a house if they just signed their names on a bunch of papers they didn't understand. There's such a thing as "fiduciary responsibility", and if you believe in it, it follows that it is wrong to issue a loan to someone who is incapable of repaying it. To do so is harmful to the borrower, and fraudulent to the person whose money is backing the loan.
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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