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Anyone else sick of hearing this whole thing was caused by bad mortgages?

I cringe every time I hear this.

How about telling the truth about fractional reserve banking.

Maybe then people would understand its not the mortgages that caused this.

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How about the financial wizards packaging up TRASH and selling it as triple A.... otherwise known as FRAUD. How about them selling the SAME mortgage package 10 times to different people.... otherwise known as FRAUD. How about selling BETS.... AIR.... on the direction these would take to an extent of 4 times all the money in the world! How about NAKED short selling billions of stocks when that was ALREADY ILLEGAL.

The irresponsible "homeowner"... or "flippers" are just the TIP of this iceberg. The U.S. financial industry committed FRAUD over and over and over again on the rest of the world. And instead of going to PRISON, they are hightailing it to their mansion in Aruba, via their yacht... and we are getting stuck with taxation and inflation. SO THERE!

This comedy skit from LAST YEAR pretty much sums this up.

"Not armies, not nations, have advanced the race; but here and there, in the course of ages, an individual has stood up and cast his shadow over the world."

Thomas Jefferson: “Indeed, I tremble for my country when I reflect that God is just, that His justice cannot sleep forever."

Viva La Revolucion!

OTC derivatives

the term you won't hear from the people "in charge". These weapons of mass financial destruction were created by financial alchemists and they flourished in an unregulated manner under the direct encouragement of Alan Greenspan. Now they are completely out of control. The damage has been done. It's only the consequences that have not been fully realized.

OH so the derivatives would have been OK

if they had only been regulated? Yeah that's the same BS the MSM and Capitol Hill have been peddling.


Hey, don't put words in my mouth

I'm only pointing out that these over-the-counter financial instruments were completely unregulated at the behest of Alan Greenspan. Some derivative markets are regulated by the SEC and serve an important function. If you had any clue at all about what is and has been taking place, you wouldn't sound like such an ass clown.

You are only partially correct

It is the fault of the altruistic, collectivist philosophy that pervades American society, and in particular, American politics, today. The thinking that home ownership is a right and not a privilege - that gave rise to all else that has followed. (at whose expense is home ownership a right? - no answer when the Community Reinvestment Act was passed into law - but we are getting our answer now by God!)

Wall Street / unbridled, unregulated capitalism are taking their share of the blame unjustly. With first GNMA, then Fannie and Freddie, then the CRA we have not had a truly free market in home mortgages for years...we have had larger and larger scale gov't intervention into the marketplace...and now we see the result.

bad mortgages / credit default swaps are the RESULT of the root causes, and may be the direct immediate cause of the crisis but not the indirect and proper root cause.


And the change in philosophy changed America from a credit nation to a debtor nation, sent manufacturing jobs overseas, created GATT and NAFTA , Patriot Act and others and the fundamental philosophy of America was twisted.

Detective Krum Investigates:

Detective Krum Investigates:

Yes it angers me nearly every day

Yes it angers me nearly every day. I constantly see articles talking about irresponsible homeowners and greedy wall street. How can they not see that EVERYONE is running on some form of credit. The entire system is saturated with debt. The entire environment promotes the use of debt. Even "responsible" homeowners do not have alot of savings. I see alot of bashing of the free market too that leaves me ripping my hair out. What's free about a private bank's control of the issue of our money, what's free about interest rates set at a central point, what's free about banks lending money they do not have and expecting taxpayer funds to cover bank runs?

"It is the responsibility of the patriot to protect his country from its government."

— Thomas Paine

"Endless money forms the sinews of war." - Cicero, www.freedomshift.blogspot.com

yep, it's a smoke screen

I have tried to clear this up on Facebook, etc. They want to blame this on main street. Traitors to the highest degree. This is war.