Are you serial? I'm gonna say it once, and hopefully you can go fack off and DIAF afterwards.
In case you want me to do your homework for you, here's clifs of it. Or in case you've been under a rock (because brain dead idiots know what's going on), here's the recap.
1. Guberment (herein Gub), thinks po peeple should own houses
2. Some genius pushed legislation
3. Some BIG, GINORMOUS real estate investor (no name mentioned) cashed in, saying they'd buy all mortgages
4. Some other genius came up with sub-prime grade A mortgage securities, because everybody made money, besides all they had was write up the paperwork and some BIG, GINORMOUS company will buy them all.
4a.All the world banks go "Hey, teh amercans are doing it, we want living dreams too brotha".
5. Little joe finds it's easier to buy house with no money. Little joes worldwide rejoice.
6. Big Joe finds that it's easy to fool little joes into buying
6a.Little joe refinance, bought shiets he couldn't afford with money he never had
6b.Big Joe push the housing bubble to the point of price to income wayyyyy disproportionate.
7. Rinse, repeat a few times. Little joe now gets a big surprise.
7a.Housing bubble about to bust, in come the oil speculative bubble, drove prices of everything up
7b.Little joe goes, Shiet, I can't pay for all this shit. WTF man, why can't I live the dream, da Gub is keeping me down.
8. Banks goes, OH SHIET!
9. BIG GINORMOUS real estate investor goes OH SHIEEEEETTTTTTTTTT
10. Everybody that's been feeding on the hot air bubble now goes OH, SHHHHHHHHIIIIEEEEEEEEEETTTTTTTTTTTT!!!
..... Meanwhile, flashback to an earlier time...
Big ginormous land boats manufacturers were happy, because little joes goes out to buy all da blinged out rides (with money that he doesn't have), because looky all teh equities in his house (or houses) that he can't pay fo. YO, for real my shizzo, nizzo!
Said ginormous land boats manufacturers didn't care a whole lot about Unions demands (you think I'd leave this out?) because they're making a whole lot of moolahs back then. A river of dreams really. But oh hey, suddenly gas prices became an issue (which drives up prices of other commodities as well), everybody wants smaller moar efficient cars. FAck, what do we do? Loss leaders? Nope, nobody wants them. Reduced prices? Nope, nobody wants them. Fack, all the while these manufacturers have these leeches that keep sucking them dry.
.... Snap back to present day...
Hair on fire, hair on fire!!! Halp us prease!!!
I might have left out some details.
Was that detailed enough for you, fcuking twat? Now go DIAF.