akuma587 said:
I was talking about the Federal Reserve! I'm not acting like a broken record like the rest of these people claiming that one decision by Congress led to an entire economic collapse. If you truly believe that, then I sincerely hope you are never put in any kind of position of power relating to economics. Economics is far more dynamic than simple but-for causation.
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Yes, you did mention the Fed. 
Yes, one act of Congress did not lead to this financial crisis. It also was not caused by the Community Reinvestment Act or the repealing of Glass-Steagall as some have suggested. Aside from the Fed, the SEC is also to blame. The SEC's change in policy in 2004 (when sub-prime mortgages increased markedly) relaxing minimum capital requirements (ironically, to increase its oversight) is also a catalyst for this crisis. Of the five Wall-Street firms that qualified and took advantage of this unfortunate change, three have collapsed, and the other two are now reorganized. For example, Bear Stearns had a 33-to-1 gross debt ratio before its demise. Most other firms never exceeded an 8-to-1 ratio. If one couples the obscenely low interest rates with a relaxation in minimum capital requirements, one has created a recipe for disaster...and we received a disaster. Despite the inane policies of the Fed, there was regulation that would have mitigated or (possibly) prevented this damn crisis from occurring.
