Reply to Occupy Wall St. & the 99%

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[quote=Anonymous][quote=Anonymous]The financial crisis in the US was sparked by too many people taking mortgages that they shouldn't have.  They blame the banks for lending them the money.  Note, they also complain when the banks don't lend money.

CDO, derivatives, blah blah blah....that stuff was all predicated on too many dumbasses taking out mortgages without understanding what they were signing up for.  Yes, there was mortgage fraud, brokers, etc.  Where is the responsibility for all these people that made dumb mistakes with their mortgages?[/quote]

No, you are wrong.

People taking mortgages they couldn't afford was half of the problem.  But the reason they could get money was because the people issuing and then securitizing these loans were lying to the investment community about their quality.  And often they were actively betting against them in the form of derivatives.

The consumer was a fool and occasionally a fraudster.  The financial players were really committing serious fraud.[/quote]

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