RCM Editorial: Understanding Who is Responsible For the Current Mortgage Crisis

The following link will take you to a story published today in the Investor's Business Daily. Please take your time and read carefully. This story offers a brilliant and concise timeline of the events that led us into this crisis. In this politically charged environment there has been a desire to accuse and place blame. It has become convenient to attack big corporations and Wall St. and in turn accuse capitalism as the root cause for this credit collapse. The environment has spawned populist views that laud sharing the wealth and other socialist creeds as a cure to this country's ills. However, after reviewing the actual facts, dates, quotes and maneuvers covered in this timeline, you will see that these populist views are not the antidote but instead the poison. On the other hand, this is not an attempt to absolve Wall St. Facts will show the financial community had a hand in magnifying the crisis. We are not publishing this piece with political motives. We are only attempting to arm you with an accurate understanding of the current situation.

http://www.investors.com/editorial/IBDArticles.asp?artsec=5&issue=20081029&rss=1