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Originally Posted by nation-x
So repealing Glass-Steagall and enabling the derivatives market and Credit Default Swaps along with raising the leverage limit from 10X to 40X had nothing to do with it? Whatever... lol. What I just said is actually the consensus among almost every economist in the country and elsewhere. Goldman Sachs alone sold a bill of goods to AIG to the tune of $22 Billion (Credit Default Swaps)...
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You'd have to go ahead and prove that it's the consensus among the economists, and then I'll cite you for an appeal to authority. Furthermore, the majority of the mainstream economists are run by Obama, and believe we're in a recovery, so their word means nothing. Furthermore, who bailed out AIG and Goldman Sachs? Under the free market system, a principle this country WAS founded upon, they would have failed..
If you want the biggest reason for America's economic fuckups, look no further than the inception of the Federal Reserve.