Can Anyone Explain This To Me?

The Lincoln Savings & Loan meltdown...

I get it in vague terms.

I get McCain's role, and why his actions to stop regulators from intervening was criminal.

I remember the scandal - and the bailout...

Charles Keating was convicted and went to jail. The other senators were disgraced and didn't seek re-election... But somehow McCain got a slap on the wrist - and continued pushing for less regulation.

But how exactly was the $$$ being toyed with? I know that it had to do with some failed real estate investments (sounding too familiar already), but how does the bottom just fall out? how did it fall out then?

I know why it's falling out now... I saw it first-hand when I worked at a Mortgage company. Wanna know why I quit? among other reasons, I just couldn't stand the greed and the lies.

I couldn't bear to watch so many people who had no business buying houses (waaaay beyond their means) were enjoying this life of luxe - while I was just paying rent, and driving a 1989 Toyota Camry. I was the paper pusher... i saw how numbers were fabricated on the NI/NA (no income/no assets) loans... The borrowers were going "Stated/Stated" or "Made-up/Made-up". I could have made up my own numbers and gotten a condo.

I was a bit jealous... but i was also full of contempt for those liars (namely the borrowers, the loan officers, and the bank account executives). The Loan Officers and Bankers got their commissions... they were living large for a while... and no - it never trickled down to the general office staff - not even me, the "Executive Assistant" - it was a fight to get any raise let alone health insurance. Now the lying borrowers are being foreclosed upon... the lying loan officers are looking for new work since the mortgage business is in the shitter, and well, many of the banks we used to work with are now going under. Surprise, Surprise!

The writing was on the wall, and I wanted no further part of it... I didn't want to see it, I didn't want to help pass through the papers that assisted lying cheaters.

That's why I'm so opposed to the bailouts! So many were riding so high while I was just sraping by, under the radar, in my rent-control apartment, still driving my '89 Camry.

What ever happened to having good work ethic? Responsibility? Accountability? Why do the profits get privatized (to the select few) and the losses turn into bailouts?

And are the companies/banks that are getting benefits from the bailouts going to share any of their profits (if any)? Who owns them? Offshore multi-national corporations headquartered in Dubai?

I'm not liking this one bit... I don't get what's going on... but I can smell something's rotten!