Are banks failing around the world because they were all trying to game the American consumer?
Think about it. All these banks around the world failing because they were all trying to make money off US sub-prime debt? Do you think it is appropriate that a house should cost $ 65,000 to build (including land), but then sold for $ 300,000+ because “The market can absorb it”?
I mean, seriously, who is to blame the most? The builder making insane profits knowing fully well they are contributing to artificially inflated values? The buyer who bought thinking it was a good deal (should known better)? Or everyone else who made money in the process (Speculative real estate investors, mortgage brokers, banks that bought these mortgage loans expecting to get paid 3 times the already artificially inflated value, or the wall street banks that arranged these loans to be sold to all over the world)?