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<blockquote data-quote="Jones" data-source="post: 896373" data-attributes="member: 4805">Island,Reckless Endangerment is a good book. It has some biases but it gets the big picture exactly right as far as deregulation being the root cause and if you had actually read my posts instead of attacking your straw man you might have seen that&#039;s what I&#039;ve been saying. There were other contributing factors (most notably greed) but the simple fact is that none of it would have even been possible if the government hadn&#039;t completely abandoned it&#039;s oversight duties and gutted it&#039;s own regulatory structure (Gramm-Leach-Blilely was the final piece in that puzzle). It gets old hearing people blame it all on Fannie, Freddie, and the government pressuring banks to make bad loans because once deregulation got the ball rolling those were all moot factors. Once banks figured out they could get rich selling mortgages to people who clearly couldn&#039;t afford them those deals were gonna get made regardless of government pressure one way or the other, and if Fannie and Freddie hadn&#039;t backed those loans some else would have because there was too much money on the table. In large part they were just fighting for market share. You are right that most of the key players are still in place and from a regulatory standpoint nothing has really changed and that&#039;s a sad testament to how much they have been able to control the narrative about what actually happened, it sure helps when you have a corporate stooge like John Stossel shilling the company line on 20/20 because that&#039;s as far as most people will look into it. Look for a repeat of this whole sad scenario in about 15-20 years.If you want to read another good book try <a href="http://www.amazon.com/gp/product/159184438X/ref=s9_simh_gw_p14_d0_g14_i1?pf_rd_m=ATVPDKIKX0DER&amp;pf_rd_s=center-2&amp;pf_rd_r=0DP4ZC08DK8VD2JZJ6W1&amp;pf_rd_t=101&amp;pf_rd_p=470938631&amp;pf_rd_i=507846" target="_blank">All the Devils Are Here</a>.</blockquote>

[QUOTE="Jones, post: 896373, member: 4805"] Island, Reckless Endangerment is a good book. It has some biases but it gets the big picture exactly right as far as deregulation being the root cause and if you had actually read my posts instead of attacking your straw man you might have seen that's what I've been saying. There were other contributing factors (most notably greed) but the simple fact is that none of it would have even been possible if the government hadn't completely abandoned it's oversight duties and gutted it's own regulatory structure (Gramm-Leach-Blilely was the final piece in that puzzle). It gets old hearing people blame it all on Fannie, Freddie, and the government pressuring banks to make bad loans because once deregulation got the ball rolling those were all moot factors. Once banks figured out they could get rich selling mortgages to people who clearly couldn't afford them those deals were gonna get made regardless of government pressure one way or the other, and if Fannie and Freddie hadn't backed those loans some else would have because there was too much money on the table. In large part they were just fighting for market share. You are right that most of the key players are still in place and from a regulatory standpoint nothing has really changed and that's a sad testament to how much they have been able to control the narrative about what actually happened, it sure helps when you have a corporate stooge like John Stossel shilling the company line on 20/20 because that's as far as most people will look into it. Look for a repeat of this whole sad scenario in about 15-20 years. If you want to read another good book try [URL="http://www.amazon.com/gp/product/159184438X/ref=s9_simh_gw_p14_d0_g14_i1?pf_rd_m=ATVPDKIKX0DER&pf_rd_s=center-2&pf_rd_r=0DP4ZC08DK8VD2JZJ6W1&pf_rd_t=101&pf_rd_p=470938631&pf_rd_i=507846"]All the Devils Are Here[/URL]. [/QUOTE]

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