Yes the “financial” community participated but only when enabled, encouraged and prodded to by the Fascist Marxist Progressive Socialist Demercrats.

The Community Reinvestment Act(4) pressured granting of mortgages to unqualified people.  Eventually the artificial bubble burst.

“Contrary to my initial conclusion, the evidence is overwhelming that the CRA(Community Reinvestment Act) played a significant role in creating lax lending standards that fueled the housing bubble."(4)-(Very informative piece!)

I guess some of the problem could be attributed to arrogance and ignorance but blind adhesion political agenda is the main root cause.

The CRA was and still is a Socialist scam!  Funded by Fannie Mac and Freddie Mae (who no fund ~50% of all mortgages) the housing market was flooded with people that should have been renters! And so housing prices went up far beyond reality.

Even though the mess started to crumble in late 2007, I suspect some assistance provided to attempt an “October surprise” in 2008 to help Comrade Obama win the election.  Needless to say it succeeded beyond their wildest dreams.

The Depression we are experiencing (real unemployment is between 17.4% and 22%) is here to stay because the current regime is spending and taxing us silly.

Malcolm T. Hedges

1) Did Senator Chuck Schumer Cause Indymac Bank Failure?, How Chuck Schumer Caused the Second Largest Bank Failure in US History

2) Barney Frank’s Fannie and Freddie Muddle, Frank’s fingerprints are all over the financial fiasco

3) How the Democrats Created the Financial Crisis: Kevin Hassett

4) Here’s How The Community Reinvestment Act Led To The Housing Bubble’s Lax Lending