What a bunch of BS. Do you ever read anything?
What wrecked the economy was a frenzy of low interest loans for housing to people who could not afford to pay them, plus packaging worthless bonds into Credit Default Swaps. What wrecked the economy was the SEC refusing to set rules for bond evaluations, as they had long done for stocks, and the rating agencies refusing to give CDSs low ratings for fear that the issuers would go to their competitors.
Sure, people on Wall Street created CDSs and CDOs. But they also created a lot of mutual funds that, year in and year out, including 2007, have increased 7% or 9% per year on the average each year. Do you have a 401(k)?
Do you want a secure retirement? Then thank Wall Street.
Do you want to have a job? Who do you think sells your company's stock and/or lends it money? If you have a job, thank Wall Street.
I think it's YOU who needs to read up. While all you said did happen, that was less than 10% of all the "bad" stuff that lead to the collapse.
It was NOT legislative things that lead to the collapse, but bad investments, wild speculation, and outright fraud that lead to the collapse.
