On Sep 16, 11:26*am, " wrote:
On Sep 16, 10:26*am, Wayne.B wrote:
...

Sub-prime was dreamed up because there was only just so much
legitimate mortgage debt to go around. * The whole business of
packaging debt and then selling/securitizing it via bonds was highly
profitable while the fun lasted. *...

If you need one person to blame it is Alan Greenspan. But, at a macro
scale I think sub-prime was a symptom rather than the root problem.
The problem writ large is that real wages haven't kept pace with
industrial growth. ,,,

With apologies I wanted to add this note from Newsweek:
http://www.newsweek.com/id/159346/page/1

-- Tom.