Blame the poors

According to mc cain, that's the poor blacks, that forced the banks to give them money they couldn't pay back.

Blame the system

this one is a bit harder to understand, that's about credit default swaps, about collateralized debt obligations. That's about basel II, an international standard about how much capital banks need to put aside to guard against the types of financial and operational risks banks face. It was believed that such an international standard can help protect the international financial system from the types of problems that might arise should a major bank or a series of banks collapse.

As any protective device that limits the short term benefits, bankers did what capitalists do best and found a clever way of cheating the system (aka creative accounting). Instead of having debts and mortgages (bad, you need to keep some money aside to cover the risk of non payment), you put them together, give them a nice name, find several insurances that are willing to cover the risk, add a ribbon around it and done: that has become a financial product that doesn't need any money to be put aside to cover the risk anymore, that can happily be swap, sold and resold, and so they did.

Of course, all of this has been supported by Greenspan (that has admitted discovering that greed is a stronger incentive than creating long term viability of a company none of the CEOs give a shit about in the first place) and all the politicians. Easy money, house value goes up, you borrow more, endlessly.

This wasn't small game at the verge, we were talking about 45 trillion USD, twice the stock market, that is already way high overrated and doesn't reflect the value of the "real" companies below.

And praise the rich

Meanwhile,out of 700 billion the tax payers are going to put into the bank system, about 0% is going to be used to increase lending, but 10% is going to be used to pay primes and bonuses to the bankers that created the mess. 70 000 000 000 USD of bonuses, motherfucker.

Do you feel me? On the top of making a fortune by taking inconsiderate risks and twisting so much the regulation that anyone but a judge calls it frauding, they have been able to get the tax payers to pay the bill. Being able to find a gullible willing to pay for your mistake is a skill that deserves to be highly remunerated.

Most def, all of that unasked, but not offered free of charge.