What if both Democrats and Republicans are wrong about the cause of this economic collapse?

The first person is somewhat right. People did purchase more than they can afford. But, in todays society, the average person lives paycheck to paycheck with little left over. To live a somewhat moderate life (with some happiness), some people have no option but to borrow. And sometimes even borrowing a little is out of some people's means to pay back.Very few people actually live life, most people merely survive.

Scams to get people into debt, trick them out of their money is something that also brought this on us. People are ignorant, and companies prey on this ignorance. Such as adjustable rate mortgages. People were ignorant of what it would mean, until it happened. The banks were idiots for signing contracts with people on this basis. I do not necessarily look at the person that signed the contract to blame 100%, i find the fault to lay with the person who drew up the contract. Preying on the ignorance of people in hopes of becoming richer is not only disgusting, but also is a doomed business plan (in most cases).

Also, i, in part, blame the government. This housing bubble was created partially by assessment of houses and the value skyrocketing. The government takes part in assessing to evaluate for taxes. The more the home is worth, the more the taxes are on the home. But I do blame some problems on the government, especially not realizing this was going to cause a meltdown of economic society. They were warned, they didnt take the advice. The governments prospered during this time and wanted to keep on receiving more and more money. Selfish people and selfish organizations mainly created this mess, but we are the only ones that can fix it.

People benifited from the housing boom, but it was doomed from the beginning. When prices go up too fast, and make things more expensive than they should be, the market will crash. Its just a matter of time.

The economy is a complex system, with no economy more complex than the US economy. No body can know what is really the cause, or what will fix it. It will, however, fix itself. There are things that will help, but in the end, the economy has to fix itself. What congress is doing is throwing money on the tip of the flame in hopes of it reaching the source. It is a foolish game that politicians like to pretend works, but never does.

Republicans are in charge for spending like a Democrat while they controlled the two residences. Democrats are in charge because of the fact each time Bush tried to alter Fanny and Freddie, which might have prevented the non-public loan disaster and our modern economic undertaking they have been surprisingly against greater regulations! The Democrats are additionally in charge for continuously speaking down the economic equipment over the previous 4 years of the Bush admin.

They are both wrong on the causes. Neither will admit it because it will look bad on them. Steering the economy involves making adjustments to stop veering to the extremes - like steering a car. You'll go into the rough if you let it drift too much to the left or the right. Bush policy thought fast was good - the faster the better. And he didn't pay too much attention to the steering. The car, which was travelling too fast, hit a wet patch and has gone into a spin - AND IT'S STILL IN THE SPIN.

It's hitting the rough and and a lot of obstacles.Which is why a lot of fast adjustments are necessary. No one knows where we'll end up. We might slow down so that it allows us to straighten up - but we might go down over a slope.

That's why I don't favor one ideology over another. I only care about the truth. I hate politics. I like good government - the one that looks out for this country and all of its people. In the end - it benefits everyone or at least the majority. Some people may be hopeless. It is what it is. Do your best with what you have. Take nothing for granted. Don't be overly optimistic. Don't wear rose colored glasses. Don't take unnecessary changes. Pay attention.

I think you are right. The elites run everything (just about) and are responsible for the crashes and burns. Look at the havoc they make in other countries. It's not pretty.

Neither party is responsible.

There are 300 Million individuals responsible for the current collapse. Everybody purchased more than they could afford.

They are