No one is missing it. Mark and I have been discussing the housing bubble bursting. Yes there were other factors in the recession. The big triggers though was the housing market meltdown and the near 5 dollar a gallon gas. Yea the steel market did play into the recession but the triggers were the 2 items I mentioned.
Mark, just which laws were broken? Most people who were foreclosed on had mortgages with a balloon clause in them. Most poor did not have that type of mortgage. Most of the folks who signed the balloon mortgages knew what they were signing. Neither the news media nor the politicians told the truth about it.
The news media pushed the poor people angle because it riled people up and raised ratings/sold papers. And the politicians were going to play to the public. Our newly elected president used it as a "them against the little guy" talking point. Others as a platform to force through banking regulation to make themselves look good for the next election cycle. But when you have take it to a judge proof of law breaking behavior, hard evidence that can lead to a conviction, I'll side with you. I know that a certain politician who controlled the White House and the Justice Department would have loved to have hauled rich fat cat bankers and CEO's in front of a judge. So why didn't it happen? Would have really given a boost to the take back Wall Street movement that fizzled. What you had was a bunch of soon to be former home owners claiming that they were told this or that without any evidence to support that claim. Remember, innocent until proven guilty!
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