None of our Presidents actually crashed our economy. But because Wall Street and investment bankers were allowed to create Derivatives and because of greed in the mortgage business and because the people that certified the debts owed as AAA, when they really didnt closely examine reality. It was all a fabrication, so when borrowers defaulted on their loans, there was no real collateral and everything went south. Alan Greenspan thought Derivatives were a good idea and told Clinton to allow them. Everyone got on the gravy train to hell. Elizabeth Warren and some others warned about this new financial tool, and the possible damage it could cause. No one in power listened to Her. The rest is history. We need a strong leader who can decide weather to listen to advisors and when to show backbone, courage and understanding to lead ! There was a PBS special about this and that is where I got this information. Im not sure that PBS will show it again because David Koch is now on the PBS board of directors. I am afraid We may stop seeing revealing documentaries on PBS in the future because of His money and influence.
Posted on: Sat, 20 Sep 2014 17:45:22 +0000
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