So you have no problem if the government provides welfare and free healthcare to the homeless, jobless drug addict. It's not his fault, right?
So I blame the FED for creating profit hungry banks, who got high on their cheap money.
They would have no CDO's to sell, if they did not have the cheap money to back it up.
Oh, those poor banks! They can't help themselves. They're so addicted to money, that have to grab every dollar they can get their hands on in order to buy mortgages and turn them into exotic and risky financial instruments called CDOs. How dare the Fed for lowering the interest rate!
Yes they do. ING Direct was forced to by these products because law dictates they should reinvest a percentage of the amount of savings they collect back into US mortgages.
Citation please. Lets see the law that states that ING Direct was forced to use leverage in order to issue millions of mortgages in order to create CDOs to sell to other investors. Lets see.
Good job they are doing!
I wouldn't trust them to fix my car, let alone fix the economy.
I wouldn't trust you to read a children's book and actually understand it, so your distrust of the government is meaningless. Your brain is stuck on "hate government" mode, and nothing is going to convince you that banks are the ones to blame for their own troubles that they created.