Ninja and sub-prime loans helped to topple investment banks like Lehman Brothers, but to lay all of the blame at the feet of poor people for the current financial crisis is just downright stupid and oh so wrong.
Via Oliver Willis.
The Blame Game
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I find it beyond irritating when I hear people blaming only the people who bought homes they couldn't afford for this mess. Yes. I get it. They were stupid for attempting it. However they never, EVER, should have gotten past the underwriter. the bank should have noticed that someone making $30K can't afford a $300K house. Also, let's not forget it was the banks themselves and shady brokers encouraging people to reach beyond their means. There is PLENTY of blame to go around here.
Exactly! There is a lot of blame to go around. Here's hoping that lessons will be learnt and we won't find ourselves in this situation again.