@bud405n 179262 wrote:
It just seems like there is so much hate towards conservatives and people of my faith in here in here.
Since you think I’m bias I’ll try to break it down in smaller segments for you on my view of why this happened and then tell me if I’m wrong.
The only hate I see around here is those that don’t like the facts, but I’m gonna continue to post them anyway. 
HERE ARE THE FACTS:
Home owners that got in over their head are now facing foreclosures at a rate of 10,000 a day.
Loans were bunched and sold to institutions (insurance companies, banks, etc.).
The loans were very complex and broke up and sold to investors.
The banks, insurance companies and those investing money from pension funds, etc. snatched up the instruments because thier balance sheets depened on showing high profit.
Housing prices dropped and folks stopped paying.
Negative equity occurred in the homes and folks abandonded them because homeowners were allowed to get the loan they had with NO MONEY down.
Homeowers stopped paying and the credit insurers went bankrupt.
This is what put the economy at risk.
This could have all been avoided as it’s happened six (6) times in the past, but not as bad.
Congress supported Freddie and Fannie who bought the weak loans and started cooking the books and got caught in 2004.
John snow – the then current treasury warned us – 9/10/2003
Alan Greenspan warned us in 2/24/2004
These guys got money out of the Freddie/Fannie deal:
NY – Charles Schumer – Dem
CT – Chris Dodd – Dem
UT – Robert Bennet – Rep
McCain $21,550 – Rep
DId I miss anything?