http://www.dailymail.co.uk/news/arti...mic-crash.html
Quote:
Did China or Jihadists try to bankrupt America? Pentagon report reveals financial terrorists may have triggered economic crash
Two mystery investors 'were number one traders in all financial companies that collapsed or are now financially supported by the U.S. government'
Read more: http://www.dailymail.co.uk/news/arti...#ixzz1Fet0Ko9S
I thought it had more to do with Obama being elected. But since it was going that way for a while maybe they just gave up trying to save it since Obama would just tax and spend and not care about fixing it.
If you believe this crap there is nothing anyone can say or do to help you.
The economic meltdown in this country was a result of banks lending money to people who had no business having that type of money in the first place. This country was full of $40K a year millionaires who weren't millionaires at all, they were people who owned houses and treated them like ATM's.
Our economy should have taken a shit in 2001. It was bloated and going in to a correction pattern. Greenspan didn't like the correction pattern and made some changes to how things get done. The rest is history.
No doubt and the article is not well researched either, but who all caused the crash of the stock market. Who sold off few hundred billions worth of stock for 1/10 of its value. Noone can seem to answer that. BTW, the foreclosure/housing market is not as bad as you made it to be. 1 out of 7 loans were exotic/non traditional loans before the crash. 95% of the foreclosure happened after the crash when the market corrected. The correction was due, and exotic loans were going out of styled in 2005, we know that. Banks, however, were strong enough to absorb the correction. As much profit as they were making on these loans, they were ready to absorb a high default rate- hence the higher cost of these kind of loans.Quote:
Originally Posted by BigDee
Here is some numbers, 0.7 % of houses are in default, over 50% of homes in US are owned outright, TARP and fed discount window were there as a bridge loan for Banks to maintain liquidity due to the panic selling of mortgage notes and mortgage related stock. Banks were able to pay back most of TARP within 2 years - within two years of recession that is.
Those who declared this country would go into deep recession if the bailouts weren't passed was as delirious as those who claimed that the recession is due to mortgage defaults. Mortgage defaults and market corrections were due, and Yes, the banks were expecting it. The sudden huge sell off by foreign investors in one day that help spinning this country into recession however, is unexplainable.
BTW our economy did take a huge dip in 2001-2002.
I admit a degree of ignorance here in the big bad world of global economics.
I Do understand that if you have a capitalist society that evolves into one with all risk and no reward (See: too big to fail) backed by the collective people (see: taxpayer) it isn't, by definition, a capitalist society anymore.
or have we just rewritten the definition?
[Dunno]
Pretty sure these shadowy "Terrorists" all worked for Goldman Sachs, or post GS they always go through the revolving door in the government and at the Fed Reserve
http://www.businessweek.com/news/201...evin-says.html
The fact that no one has been jailed over this is crazy. Some days I feel like any debate about GOP this, Democrats that is fucking pointless, they're all just shills for the real 0.01% of the population that controls huge swathes of the economy
http://motherjones.com/politics/2011...ca-chart-graph
H.