Quote:
Originally Posted by Rochard
I say nay nay!
I'm sorry, the people directly responsible for the crash was the banks, period. Oh, maybe the federal government helped by passing a few laws, but it was the banks who put the system into place and they are the ones that benefited from it.
And now they are in charge of our government.
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the problem was that there have not been rules.
banks wasn´t forced to keep reserves - banks could speculate even over their own value.
but even the "value" they seemed to have was not existing because they gave foul credits to activate them as assets.
then they lend with this "assets" more money to specualte with til someone found out that this assets do not have ANY value.
as the US banks sold this "asstes" to the whole fucking world, every bank in the planet (except the muslim banks) have been sitting on mountains of worthless paper.
no bank trusted the other anymore - nobody lend capital to the other and that caused the crash were ALL asstes (even the ones what where paid) run in the celler.
real estate lost value and with this value even healthy companies with own real estate what they has a guarantee for their own credits went into trouble because of the decreasing values of their real estate assets their loans became also under pressure because the guarantee wasn´t enough.
obama tried to do something agains that but with the republican opposition he just was able to make a "mini-law" with a quite small protection - "Dodd-Frank Wall Street Reform and Consumer Protection Act" was made to prevent criminal practices of financial product marketers with their customers and the other important part was to secure that in a new crisis taxpayers do NOT have to pay for the damage again.
trump eliminated the dodd franc act with a decree - what shows everybody with open eyes where he sees his preferences.
he will fuck USA again and the idiots will be the small people, because the rich ones will be safe with the lower company taxes he has announced also.
this is SUCH A VERY clear strategy what we can see here - and that is not only my meaning that is the meaning of every serious FREE !!! economic scientiest in the world.
everybody who tells something else is bought and already a paid adviser of this handful of big guys what will go laughing out of this next crisis