"Change"

[humble]

sixpence I don't disagree with you at all, this is an issue that goes far beyond party lines or just the sub-prime fiasco. However, the immediate crisis is rooted in the sub prime and unsecured consumer debt security instruments. As much as we focus on the mortgage issue the years of "what's in your wallet" unleashed by the misguided changes to the BK laws are equally to blame IMO. While the underlying issues go back 2 decades the straws that broke the camels back are easily identifiable.

[Sixpence]

sixpence I don't disagree with you at all, this is an issue that goes far beyond party lines or just the sub-prime fiasco. However, the immediate crisis is rooted in the sub prime and unsecured consumer debt security instruments. As much as we focus on the mortgage issue the years of "what's in your wallet" unleashed by the misguided changes to the BK laws are equally to blame IMO. While the underlying issues go back 2 decades the straws that broke the camels back are easily identifiable.

http://www.businessweek.com/investing/insights/blog/archives/2008/09/fannie_mae_and.html

I would agree with you, but I would disagree to blame freddie mac

[humble]

The problem is that poor fiscal policy pushed the demand curve artificially, which triggered a need that resulted in new products. This forced a continued upward trend in housing cost and a further round of "new product". In the end we had an artificial "boom" manufactured by poor lending processes and easy unsecured credit that had no real basis in underlying productivity. The end result....we're seeing it today. So I blame both the democrats for pushing a politically motivated agenda for housing and the republicans for an improper and self serving revision of the BK process.