VP Debate - Subprime Mortgage Crisis: Who was at fault in...

GOV. PALIN: Darn right it was the predator lenders, who tried to

talk Americans into thinking that it was smart to buy a $300,000 house

if we could only afford a $100,000 house. There was deception there.

And there was greed, and there is corruption on Wall Street. And we

need to stop that. Again, John McCain and I, that commitment that we

have made, and we're going to follow through on that, getting rid of

that corruption.

One thing that Americans do at this time also, though, is let's

commit ourselves -- just everyday American people -- Joe six-pack,

hockey moms across the nation -- I think we need to band together and

say, never again.

(View cut data)Never will we be exploited and taken advantage of again by those who

are managing our money and loaning us these dollars. We need to make

sure that we demand from the federal government strict oversight of

those entities in charge of our investments and our savings.

And we need also to not get ourselves in debt. Let's do what our

parents told us before we probably even got that first credit card.

Don't live outside of our means. We need to make sure that as

individuals we're taking personal responsibility through all this.

It's not the American people's fault that the economy is hurting like

it is, but we have an opportunity to learn a heck of a lot of good

lessons through this and say never again will we be taken advantage

of.

MS. IFILL: Senator.

SEN. BIDEN: Well, Gwen, two years ago, Barack Obama warned about

the subprime mortgage crisis. John McCain said shortly after that in

December he was surprised there was sub