Stefan MolyneuxVerified account

Right Stefan, see Fannie Mae and Freddie Mac. Also Obama was one of the lawyers fighting for giving subprime credits to NINJA people. No Income No Job no Assets.

Yup. My career took a nosedive in the mortgage industry - banks were literally forced to offer so many "unqualified loans" in certain areas or lose any other federally backed options - FHA, FNMA FDMA, USDA etc. It was a scary time - like watching a train crash. We all saw it.

They were pressed. That is accurate. Of course it is obvious that they took the opportunity to also maliciously push absolute trash products. They ignored their fiduciary responsibility.

"Blaming “greed“ for a banking crash is like blaming gravity for a plane crash." One of your best lines ever!

Who forced "the people" to take those loans? Personal responsibility IS the issue, not loan rates or credit. You can't prevent risky financial practices, but you can prevent being indebted

Just ask Valerie Jarrett and Obama what they did with loans in Chicago.

I blame stupidity, not greed. Many of the senior, older, people in banks simply did not understand CDO’s and derivatives, and so let their juniors get out of control as long as the profits kept rolling in. This is what happened to Barings Bank.

No, it was because - with s&p and Moody's fraudulently handing out high grade ratings on crap - they could issue the loan and sell it to a sucker.

It's like bringing a snake into your house and being surprised when it bites you.

Lmao banks were forced to crash the economy and pocket all the difference.

I don’t know about that. The Central Bank is handing out billions on Canada’s back because of the mini Obama we have

Fractional reserve banking, the gift that keeps on giving (loans).

Free market = upside and downside. But the Fed has removed the downside if you're too big to fail. It's a rigged system.