Definitely the millionaires and the middle class, in many cases, exercised poor judgement when buying homes way beyond their means. However, the Trillionaires who pull the strings, the banksters, created this speculation in housing when they went on a printing spree and cut the interest rates down to 1% in 2001. This caused a "jobless recovery", which was nothing more than sloshing credit that created a faux wealth effect for the last several years. It was so devious...