Think the Crash Was Caused by People Who Didn't Read the Fine Print?

The real economists don't. True, worthless loans were written by greedy people who took the loans signed by hopeful folks who didn't read the fine print, or just lost their jobs and couldn't pay the mortgage, or whatever, and those greedy loan people pretended that the loans had value far exceeding their true worth.

Those greedy bastards sold the paper to Freddy Mac and Fanny Mae who then took bundles of those worthless mortgages and created worthless securities that were then used to fund stock brokers, hedge fund managers and con men who sold me and you worthless stocks which then tanked like a son-of-a-bitch and took our portfolios, Roths and 401Ks with them.

Here's the real explanation for the whole debacle: This is simply a lack of oversight and a culture fomented by fat-cat Republicans of 'anything goes' and anybody who doesn't like it "is a communist or a socialist or in with Castro or, dammit HILLARY CLINTON . . . " wheeze wheeze wheeze. (Take it easy there brother, you're lookin' all implodie if you ask me. Deal with it -- the jig is up!)

Note the explanation by these guys:

Alan Greenspan:

"Without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of crisis) would have been far smaller and defaults accordingly far fewer," he said.

"The consequent surge in global demand for U.S. subprime securities by banks, hedge and pension funds supported by unrealistically positive rating designations by credit agencies was, in my judgment, the core of the problem," he stated.

Former Secretary of the Treasury John Snow said:

"A critical lack of transparency in secondary markets left policy-makers and regulators unable to discern the true nature and extent of the systemic risk that continued to build."

Alan Greenspan? The Fed chairman during good and bad? And John Snow? The right's main economic man? (Don't worry, they'll turn on them both.)

The Republicans and the right-wing propaganda machine is trying to sell the idea that people took advantage of the lender's good intentions and forced them to provide loans that were so frickin' complicated that nobody understands the securities made from them, but these little people used their wiles to slip these loans past the loan officers, the banks, the stock market, the institutions that create securities and all the economists of the world, including people like Alan Greenspan, Ben Bernanke, John Snow and on and on and on.

Oh you sneaky little people, how you have deceived the entire financial world with your inability to read the fine print . . . who knew that was all it took? And the way that you little people achieved this subterfuge was by NOT HAVING ANY MONEY! Oh you slick broke people. The rich were so convinced that you had some more cash somewhere!

The righto-wing has a problem with pointing blame away from themselves. This means they will never learn from their mistakes. In a crisis, they will blame anyone else, including their own supporters.

HOWEVER, THE LITTLE PEOPLE DID NOT CRASH THE SYSTEM, YOU LYING BASTARDS! THEY ARE THE VICTIMS. ADMIT IT LIKE ADULTS -- YOUR GREEDY UNBRIDLED MANIPULATION SCREWED THE PEOPLE OF THE U.S. AND ULTIMATELY, YOU HAVE SCREWED YOURSELVES.