Well-intentioned people started the ball rolling - with a very noble idea; break down the wall of discrimination that was keeping middle class minorities from owning their own homes. That was a good notion; others exploited the good intentions, and also strong-armed banks to do more and more. Wall street got greedy. The folks funny Fanny & Fred got greedy. We homeowners and the general public got greedy. Everyone wanted easy money and lots of credit, and no one wanted to think to much about what was backing it up; whether there were sufficient securities behind all the loans.
Please, please, please, go read the Anchoress' commentary on the near-collapse of our country's financial system. Follow her links, and read more. Listen to the audio of last Friday's Mark Levin show-- he gives a sane, detailed run-down on how we got to where we are today. I have only listened to about fifteen minutes of it so far, but I am going to listen to the rest right now.
(Updated to add that Mr. Levin gets rather vehement, and yells, and indulges in some language as well. Perhaps listen without the children. Another update: You probably only need to listen to the first twenty minutes. After that he goes deep into shock-jock mode.)
As citizens of the United States, we ought to know, historically, how events unfolded to result in last week's meltdown. This is our future these politicians are messing with. Don't just listen to spin.
I know, I don't like to get political on this blog. But, ooh, these people are stirring me up so I cannot even wash my dishes. Let's not give in to bread and circuses, as the common people did during the slow collapse of the Roman Empire.