What caused the Wall Street meltdown? Was it really Joe Sixpack and his stupid, thoughtless, poor judgment?
A few years ago, poor homeowners elected to re-mortgage using ARMs because it gave them temporary relief from the festering conditions of low wages, high interest rates and a soaring cost of living. They were grasping at straws to float their financial heads above water.
They didn't exercise poor judgment back then. They exercised the only option available to them that might postpone the inevitable, brought on by a decaying economy beyond their control.
Back then, they were in the same position as they're in today ... financially desperate with little hope for the future. Even with this month's infamous bailout, nothing has changed.