서브 프라임 - Capitalism: Subprime mortgage

It has been over eight years since the U.S. economy was tethering off the cliff at the verge of collapsing due to subprime mortgage.  The shock wave it sent in aftermath of the crisis is still felt psychologically and monetarily, giving deep doubts about capitalism that went haywire and direction it is heading.  The housing bubbles burst largely due to American lust for buying big and expensive houses to show off one's social status, which is common behavior in the American culture. The lifestyle of American is to have everything within reach in their backyard: swimming pool, mini theater and etc. Americans want to show off in their material possessions.  One of the surest ways American classifies themselves in through possession of materials such as a good car and a big house.  In a capitalistic country, money can mean everything, which can dictate human relationships, and it means power and success.  The banks and mortgage companies took advantage of this universal weakness in ordinary people. Despite knowing what ordinary Americans are craving for, the folks in finance reached their dark hands to suck the blood off of the ordinary citizen by rigging the system through deregulating lending policies.  The perpetuation of rising bubbles as they continued taking advantages of people's greed and desires until the bubbles finally burst in 2008, which triggered rippling effect sending Sunami in global economy.  Millions of people lost their jobs and houses in the economic turmoils. The folks in the financial systems were culpable of creating the financial crisis,  but their were busy protecting their assets asking the government for bailouts.  Nothing of this major scale of magnitude was felt since the great depression in 1920. The Great Depression in 1920 was not as sinister as the financial meltdown occurred in 2008.  The reason that the great recession in 2008 was sinister is that the folks in the finance were well aware of the consequences would be like when the system is rigged.  Perhaps, they did not care much. As the subprime mortgage lending practice got worsen, it shook very  the foundation of economic system, Capitalism.  The Feds, banks and mortgages companies, particularly those people who were involved in deregulation of the lending polices brought damages to the economic system, faltering the wheels of economy running though their greed. In normal sense, those people should have been weeded out making the system run smoothly, but the system was jabbed at by the very own people who suppose to take care of them. The Fed knew what was going on; however, they never took the actions to prevent the collapse.  They were supposed to be monitoring the system and blowing the whistle at any moment when it runs off the track.  Many ordinary people were oblivious to the fact that subprime mortgage was toxic and dangerous.  The banks did not give any information to ordinary home-buyers nor they explained the nature of subprime mortgage and risk involved with them.   If the bankers rejected loan applications that do not show a person's credit in good standing, those people would not have been allowed to house easily, but the bank deregulated the policy. This rigged system created huge house bubbles without anyone intervening way before the bubble burst.  The buyers would have responsibilities buying houses, but it was largely at the faults of mortgages and bankers who never willing to blow whistles to stop the financial collapse, making snowball getting larger and larger until it hit the boulder and crashed.  The subprime mortgage happened as a result of the interplay between people's foolishness and a corrupt system.  The ordinary people are wondering why it happened, and they want to see those responsible people get punished as affirmation that the government and the system have been restored.