Excellent Canadian Analysis of Financial Crisis

But the fact remains that the congress made this mess. People who bought too much house are going to lose those houses, or have to work harder, have less money for other luxuries. I for one looked at buying a house and found that a house I could have afforded two years prior, if I was ready to buy the house was now 50% higher priced. I even qualified for a loan to buy the house. But looking at everything overall, I knew that house prices were too high, I continue to rent. Not everyone is to blame for this mess, maybe some individuals are, but it is by no means a majority of Americans.
On the other hand, we can point directly to specific individuals in the senate and house and look at legislation that they wrote, supported and voted for that tells us what lenders were supposed to be doing. Once we review these things, we can go look at lenders and see if they followed the law. Here is where the rubber meets the pavement, and this is where blame belongs in 100% total, regardless of whether or not some few Americans gamed the system to buy a house.