Ignore all of the finger pointing on both sides of the aisle. It all comes down to one word: greed. Greed on the part of homeowners, home buyers, mortgage loan companies, banks, and investors - whose reckless abandon for MORE - more house, more profit, more NOW - drove the market into an unsupportable stratosphere. I know you are thinking "Crash of 2006? Isn't it 2007?" Well, actually, this all started in the Fall of 2006 when the real estate bubble burst. It has taken this long for it to work its havoc through the rest of the economy. And, it will continue for quite some time.

Click here for a good article explaining how we got here.

Anonymous said...: I'm tired of hearing the media report how the "American Dream is dying". When are we going to wake up and realize that the American Dream is just that: a DREAM. When are we going to acknowlege the American Reality? We are all partly to blame for this economic crisis. Most, if not all Americans live on credit. We live beyond our means. We are quick to take out a loan for luxurious items and lavish living; for vacations we cannot afford, cars we don't need; plastic surgery, etc, etc, etc.....
Is this the American Dream? It's time to wake up and take responsibiity for our frivolous spending, defaulting on loans, filing for bankruptcy, and maxing out our credit cards on shopping sprees. We must learn to live within our means, and most importantly: spend our money WISELY. Too many of us spend like irresponsible teenagers with no concept of what we can or cannot afford, of what is a necessity, and what is not. And to those who are shocked and indignant about the loss of the "American Dream", I say, WAKE UP, and help America re-claim its economic dignity!!!; September 30, 2008 at 12:57 PM