Who caused the global financial crisis ???

[JCL]

Originally Posted by GoVols!

I'll answer it for you. Yes, the "poor" individually own and control very little of the national wealth, however, when it came to the housing market, ownership and control were not a requirement to exert influence over the market. Also, since there are many more people on the low end than the high end, each small contribution adds up to a massive total.

If they didn't have equity, they couldn't exactly cause a financial collapse. So what if they all walked, there would be no loss of wealth since they didn't have equity to lose. The banks had the (fictitious and/or overstated) equity.

Greed, plain and simple, combined with a lack of effective oversight. And if there were a couple of million bad loans, then that means that every homeowner involved made one bad decision. The banks, on the other hand, made a couple of million bad decisions.