Originally Posted by SafetyBlitz
For the past two, maybe three decades, the financial sector has seen deregulation after deregulation. It's not coincidence that we get the worst financial meltdown since the Great Depression - a situation after which we started most of our financial regulation in the first place.
And we did it, not because the rich lost a lot of money, which they did in both crises, but because the middle class suffered more. The rich largely stayed rich, but the unemployment and inflation is felt most by the middle class.
Sorry kid. Government Regulation - CRA, HUD, Cuomo, Clinton, Dodd, Frank etc. forcing lenders to make billions in loser loans to people who wouldnt have gotten them otherwise or else be accused of redlining, fined and not allowed to do business unfettered - that caused the problem.