akuma587 said:
Come on, you can't blame the Fed for ALL the problems. Many banks were giving out housing loans to people they know were unlikely to be able to pay them. The Fed may have lowered those interest rates, but they didn't hold a gun to the loan companies' heads telling them to give loans to unqualified buyers. And people who bought into the housing bubble are equally to blame.
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who gave the banks the power to do this?
Greenspan.
I wouldn't trust anything he says right now. I didn't trust him when he was in charge either.
He would say anything to make himself look better.
I remember him on the cover of TIME magazine - he was named the most powerful man in America.
That was the problem - he was too powerful and enjoyed it so much that he made some terrible decisions.
