Financial Meltdown: Who's Really to Blame?

If you watch a lot of cable TV, you've no doubt been hearing all the nonsense about unqualified borrowers who got loans as a form of economic affirmative action.

They claim that the entire weight of the global financial collapse rests on the shoulders of unqualified poor, minority borrowers who got loans as a form of this economic affirmative action. The evil institutions in these talking-points scenarios are Fannie Mae and Freddie Mac, the formerly quasi-governmental creatures of secondary home-mortgage lending.

Some cable show pundants are touting that the entire financial crisis was caused by a Congress "hell-bent on affirmative action, using mob-style extortion tactics to threaten" banks into making bad loans to "predatory borrowers" without documentation.

We think this sort of thinking belongs back in the racial Stone Age… what do you think? We'd love to get your opinion on just who's to blame for this (now worldwide) banking meltdown. Click the comment link below and sound off. Tell us what you think. And don't worry, your email address will not be published here, even though it is required in order to comment.