Now that even the crappiest mortgages could be sold to conservative investors, the CDOs spurred a massive explosion of irresponsible and predatory lending. In fact, there was such a crush to underwrite CDOs that it became hard to find enough subprime mortgages — read: enough unemployed meth dealers willing to buy million-dollar homes for no money down — to fill them all.
-- Matt Taibbi, The Big Takeover
You mean, it wasn't poor, innocent banks being forced to hand out bad loans by an evil, socialist government? You, sir, have crossed the line.
If you want to know how we got into this mess, and which people don't deserve to be pulled out of it, read the article.
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