Re: What was there being done that was actually criminal? @ Tom 13
>may have been misguided, may not have understood the long-term implications, but weren't crimina
Criminally stupid? The reason that Aus didn't get caught in this trap is that it got in early. Deregulation, and low-start loans to people who couldn't afford them, in the hope and expectation that the rising tide of the economy would pull them out of debt.
But Aus had the good fortune to make those two mistakes consecutively, not simultanously. .Small number of legit loans to people who couldn't afford them, small number of dishonest loans to people they could con money out of.
The USA had that example right in front! They could see what happened with deregulation! They could see what happened with low-start loans! So they went ahead and made both mistakes, and at the same time! They got large numbers of dishonest loans to people with no money!
That's not just ignorant. That's not just stupid.