Quote Originally Posted by Schmedlap View Post
We're really getting somewhere on this thread. I think that by tomorrow we will have narrowed down the culprit to one single person, because the problem really is that simple and clear cut. It was not a bunch of people exercising bad judgment, acting in bad faith, or behaving negligently. It was ONE bogeyman with evil intent and tremendous power and 20/20 foresight. I am not sure who that man is, but I suspect that he is part of a shadow network and that he is a neocon.
Are you denying there is a shadow financial system that, as tequila notes:
...grew up to service that capital outside of the regulatory infrastructure that governs banks and thrifts. SIVs, hedge funds, private equity groups, etc. that became so profitable that the inevitably became enmeshed in and took over large parts of Wall St itself.
Who's, "massive overleveraging is what has turned a standard housing bubble into financial apocalypse"? You reject this premise?

Naked In Wonderland, by Patrick Byrne. Forbes.com, September 23, 2008.
The financial and mainstream media for past couple years have been lampooning Patrick Byrne, thing is they aren't laughing now.

Yes, of course, bad judgment, bad faith, and negligent behavior by millions is a factor. I don't think anyone denies this. However, there are more important key factors.