Make NO MISTAKE about it. The Mortgage crisis is NOT the cause of the economic collapse. It was a symptom of it. I was in the room and I have a video of the Chairman and CEO of the largest US bank saying that their exposure to risky and speculative DERIVATIVES was ONLY SEVENTY TRILLION DOLLARS. One banker asked him why take such a chance with depositors money? The answer was that it was profitable and that they had good analysts that would foresee problems. He was wrong and when just a few of them collapsed the bank was at risk of failure and the Federal government stepped in and saved them and many other similar gambling bankers. How ironic that the GOP criticized the White House for doing so but what they will never admit is that because the White House did he saved the system which allowed the ability to write checks, use credit cards and debit cards, get their payroll processed and their bills paid...basically the entire US financial system. SO when those derivatives tanked there were massive layoffs in 2007-2008. Not jobs, no mortage payments.
Posted on: Thu, 25 Jul 2013 06:58:14 +0000
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