This has nothing to do with 'Wall Street greed' since our own Congress were the promoters of this disaster.
I disagree. This has to do with Wall Street greed. And lender greed. And borrower greed. And real estate agent greed. And politicians greedy for the votes of the disenfranchised. And our own greed.
It became commonly accepted beginning in the mid-1970's that home ownership is a right, not an earned privilege. By 1998, the Clinton adminstration, with the noblest aim, compelled Fannie Mae and Freddie Mac to write loans to people (of all colors) who up until then would typically have been denied mortgages based on the simple fact that they likely could not afford to pay the loans off on a persistent basis.
Over this same period of time -- from the early 1980's to present -- mortgages once writtenand held in the local hometown banks, were now being bundled and sold in complex hard-to-rate packages that got tradd and sold between institutions, to the point where nobody really had a a handle on how rotten the core of some of the packages were -- even though they should have, they didn't. Deregulation of the industry almost guaranteed that no one would ever be forced to check.
By the early 2000's, greedy lenders (some banks, many mortgage companies) and greedy real estate brokers pushed people, who had no idea what they were signing, to take loans they could not afford to ever pay back in full. People who should have known what they were signing, but were either too stupid or too blinded by their own greed.
Enter scam artists (a great number of them illegal immigrants who took the mortgage money and simply returned home with it) who themselves took loans with no intent of ever paying the oney back.
Everyone involved on the lnding side knew there was a chance that ome of the rotten apple loans in the packaged instrument would end up going bad. What nobody realized was that one bad apple does spoil the whole bunch, and in the end the domino effect created was uncontrollable.
Even our own greed fed this: As unqualified buyers were cajoled into (or lied their way into) buying houses, demand went up, and my house's value went up, and I was happy. And I did nothing to compell by rep or senator or anyone else to address what was known to be a bubble about to burst.
Democrats and Republicans both dropped the ball on this issue. Anyone who says it was one or the other is a disingenuous shill.
The linked article is a "progressive" view (by its own admission), which leans heavily toward blaming deregulation and lender greed (the anti-Repub view) but fails to mention the borrower greed and effect of the 1998 action. It is a biased article due to its incompleteness and what one can only assume is an unstated agenda.
""it is only those on the right who use messianic terms to describe Obama.""
That tired old saw is getting as bad as the right's use of the word "Muslim" inre Obama. Of COURSE his supporters have deified him... it was a major part of his schtick, and got the mouth-breathers from the left to come out of their huts to vote for him -- in some cases after 90+ years of never having voted -- in higher numbers than the spectre of a black president got the mouth-breathers from the right to come out and vote against him.
Here is a link to dozens of mainstream photos, video cuts, and other artifacts culled from various public sources. Out of all possible phots from a shoot, it is quite obvious that ones were chosen to present Obama as The Light and The Way.
obamamessiah.blogspot.com
Quotes from celebrities and pols, pictures from the NYT and AP, videos of supporters acting like they just staggered out of Jonestown. The evidence is overwhelming that there are many among his supporters who thik he is, in fact, not just godly but actually a god.