02-28-2016, 02:39 PM
(02-25-2016, 08:31 PM)Yojimbo Wrote: Poor people not being able to afford their mortgages is not what crashed the economy. Wall Street investment funds selling these bad mortgages bundled as "safe" investments when they knew they were crap, is what caused the crash. Don't buy the Wall Street boot lickers' garbage, they are just trying to rewrite history so they can go back to stealing your money while everyone is busy arguing about which political team is the best.
Lack of regulation of credit default swaps led to lots of institutional investors (managers of retirement funds) holding C rated crap investments when they were vsupposed to be limited to investing only in higher rated instruments.
People who wanted to "let the banks fail" did not get the point that lots of innocent people would havem lost their retirements as well.
Alos, lost of people who walked away from mortagages could afford them when they purchased the house, but they were not just going to stay on the hook for a $300K mortgage when the house was only worth $150K.
