Now that I have been fairly chastised in the comments , I am absorbing and learning I promise my brothers.
I stand by my previous BS statement as to one of the biggest factors in this rocket sled to hell. We opened the credit markets and all fed at the trough, which validates Gryph's point that stats wise, whites took most of the bad idea loans. That should happen as there are more poor white people over all. But my point was that the markets were loosened to force lenders to stop redlining and lend money to people (minorities) of all flavors as it is illegal to discriminate.
So they did, and it blew up and it sucks.
The question is whether giving Congress 3/4 of a Trillion dollars to waste to appease the people they were pandering to is a good idea. I think not and I understand that means pain.
This train is rockin through the flatlands to DC
Just Kidding! But I do have kudos for the rejection of the BS Bailout for Bloated Bureaucrats and Businessmen. F**K 'em. Congress and the left created the sub-prime mortgage market when they collected data that said minorities get fewer mortgages than whites. They blackmailed the finance markets and changed the rules so minorities would get more loans. Well they did and so did other less-qualified buyers, hence the term sub-prime and they all bought really nice houses for nothing down. Great idea there liberals.
So now this whole fiasco does what fiascoes do, and people are surprised? So lets go back to the days where people live in houses they can freakin' afford and banks make sure people can pay for what the TV tells them they want. This isn't a financial crisis as much as affirmative financial action gone wild.