Roger, you clearly misinterpret what I say and i find it interesting that you and OI are actually in agreement. Waht do you think I mean by the loose credit issues? Of course the banks are to blame as are the eleted officials who made this thing a goal. Nor did I blame the low income people, but both the system and the banks who have loosened the credit and lend.
And, I noted, that many of these low income folks are functionally illiterate and need protection from those who seek votes and fat assets in the form of accounts receivables. At the ned of the day, the politicans don;t care if the system works, just so long as gtting the votes works. I am glad to see that we agree on something...loose credit and "just lending to anyone" is a huge problem.