whose fault is it?

My brother sent me an article...[ http://www.thedestinlog.com/opinion/government_6477___article.html/crisis_fix.html ]

that basically said this financial meltdown is the Governments fault....here was my response:

while there is plenty of blame to go around, to say that it is all the governments fault is bullshit.



the fundamental faults in order [ according to noted financial guru R. John Ichter ]



1. people… who took out mortgages they couldn’t pay back [ either out of the mistaken belief that they could “flip” the properties [ greed ] or stupidity [ not understanding the terms of the loan ]

2. Mortgage brokers …who aggressively pushed these sub prime loans to, in some cases, unsophisticated or fraudulent customers

3. Wall street… for aggressively packaging these bad loans and selling them to as safe investments to unsuspecting investors

4. Fannie and Freddie …for letting it happen [ they fall down the list because they enable these actions but aren’t directly responsible…..

5. Politicians…



In Bar parlance



Politicians are the liquor distributers

Fannie and Freddie own the bar

Wall st. is the bartender

mortgage brokers are the waitresses

and you are the one who goes to jail if you get drunk and crash your car