granted, subprime did not constitute the biggest % of mortgage value, it was the source of "hot money" tha drove prices thru the roof. It was flippers, flippers using no doc, neg am loans, sometimes leveraging the same property with 3-4-5 different lenders that provided the capital to fuel the bubble pricing. it was the subprime unwinding that triggered everything else. as prices fell, it swept evryone else up into it.
look, i'm not talking about blame in a political sense, what I'm talking about is asigning "blame" to the conditions..
Dems..Repubs...blame who you want, it does'nt mean shit for creating a solution. understanding the root caauses do.
heard so many times from the lefties, it isn't the O's fault, Congress is the problem.
using that logic, in 2006, Congress changed to Dem House and Senate leadership. Remained until 2010 election cycle.
Downturn hit 2007.....so who is to blame? (for example, the demmies legislated banks had to provide loans to those that could not pay the mortgage...wanted to expand home ownership...we all know what happened).
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