Each day this week, a different writer from TheStreet.com will make the case for why one of five prime culprits -- the banks, Congress, irresponsible home buyers, the Federal Reserve or the rating agencies -- is most to blame for the credit crisis and ensuing economic meltdown.
It's tough to wag a finger at those in pursuit of the American Dream: The big house and the white picket fence to call your own.
Yet it flies in the face of reason that someone who earns $50,000 a year could actually believe they could afford to make payments on a $650,000 home. It's a very simple point, a concept that should be easily grasped. Even Saturday Night Live gets it , evidenced by their great skit with a simple instruction: "Don't buy stuff."
But as Paul Nolte, director of investments with Hinsdale Associates, points out, the reckless assumption that housing prices would always rise has brought us to the precipice the economy currently rests on, in danger of falling over.
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