"No nation can preserve its freedom in the midst of continual warfare." - James Madison
Yup, I'd say that's a pretty accurate picture. I'd place a little more focus (blame) on the overly-agressive selling of bad mortgages, the yield spread premiums that encourage brokers to get people into bad mortgages, and the immediate sale to the "secondary market" (the same people who made the mortgages, just under a different guise), but for a big picture explaination this is good.
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