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TOPIC: WTF
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That's one of the good things about the US. Every one has a right to their views and the right to express those views no matter how stupid they may seem to others.

Honolulu HI
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PSA: Please don't feed the animals.

Little Egg Harbor NJ
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PLEASE Clinton caused the housing bubble and the dot com scam. Frank Dodd is designed to put all the small community banks out of business so only the handful of big Wall Street banks control all the money in America.

Frank Dodd and the zero percent interest rate are also designed to put the life insurance industry out of business and concentrate all those cash reserves into the Wall Street banks.

How stupid are you people? Democrats are going to control every aspect of our lives and make us all slaves to them..the government.

Thank God Trump won..we still have a chance of staying a free people.

Las Vegas NV
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Must reads on this topic, (or at least the movies): Too Big To Fail and The Big Short. Fairly accurate depiction of what really happened.

Current, you sound like a Mortgage Banker who lived through the crash..... credit default swaps.... talk about covering your bet!

And people wonder why we have Dodd Frank legislation.

Parsippany NJ
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Current, after working briefly in secondary marketing for a bank, i totally get your explaination. I knew part of it, and the rest is a natural extension. I predicted the housing market bubble bursting six years before it finally happened.

Fair Oaks TX
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Current what does the words red line districts mean?

Las Vegas NV
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Nutcracker,

You are a political conspiracy theorist, not an economist. And a pretty whacky one at that. Liar loans were created because no one was watching the banks and because there was massive demand for them to feed the insatiable market for collateralized debt obligations. The coupon on these bonds (CDOs) was high but unsustainable due to the glaring inability of the noteholders to pay the notes (a fact intentionally overlooked by the issuing banks because they had no intention of holding any of the notes or bundles securities as investments). That fact was obscured by the fraudulent ratings bestowed on the bonds by the ratings companies. They were paid for these ratings not bribed. It's an important distinction in that they were co-conspirators, not innocent parties enticed by inducements.

So if the banks made money as you said by selling these all over the world (They did of course. And the joke at Deutsche bank was "Whose buying this crap? Dumb money from Dusseldorf I guess!") then how could they lose? If they sold bets against their own crappy bonds underwritten by AIG, it's easy to see how AIG got its ass kicked but why did the investment banks? When they bought their own bets (credit default swaps) back it's easy to see how they didn't make a killing as they hoped betting against their own crappy bonds because AIG went belly up before they got paid. Still, how did they lose? The answer is that they forgot to let their own companies in on the massive fraud/joke. The "Dumb money from Dusseldorf" turned out to be dumb money from Deutsche Bank. All sorts of people in the bond departments of these investment banks couldn't believe the returns they were getting on triple A rated securities. And the poor dears were holding tens of billions of dollars worth of these gold plated dog turds when the wheels fell off.

So...how exactly was this Bill Clinton's fault?

Wenatchee WA
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Current what you typed is scary. Is this what you liberals really believe happened that caused the financial crisis? Or are you smoking some really powerful pot?

Several things cause the financial crisis.

1. Bill Clinton stopped enforcing all business laws in 1993 to make the economy boom so he could get reelected. (Bernie Madoff was turned in to the DOJ and SEC every year many times for the fraud he was committing but Clinton refused to prosecute him)

2. The Democrats sued Citi Bank for discrimination claiming that the banks where discrimination against minorities because whites where getting more home loans then blacks. The court ruled that the banks had to give out the same number of home loans based on race and the percentage of minorities in the populations. It did not matter if they qualified for the loan of had the income to pay the loan back.

The banks where forced to give out home loans that could not be paid back. Wall street got creative since no laws where being enforced created the mortgaged backed security and then bribed the bond rating agencies to give these securities a AAA rating.

Liar loans where created to fulfill the court order and the financial crisis was in the making.

These mortgaged backed securities where then sold all over world, looting the pensions funds in Europe but making Wall Street and the Clinton's and their political cronies filthy rich.

Everyone got in on the free money gold rush until the world ran out of money to buy the mortgaged back securities and then everything collapsed.

Las Vegas NV
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"Bill Clinton forced the banks to give out those crappy loans. Its why the whole economy collapsed in 2006 "

LOL. Nutcracker, you are one of a kind dude. WTF (where) do you get this stuff? Or do you come up with it on your own?

The financial crisis was caused by lax oversight of banks (blame that on both parties) allowing them to make money on transaction fees by writing loans to anyone, with no consequences. There were no consequences to them since they laid the loans off on others. There was actually huge demand for loans, any kind of loans, because of the banks hunger for "securitizing" the loans by converting them to mortgage backed securities (CDOs) which they could also make a transaction fee on selling. The ratings companies (S&P and Moody's) aided and abetted the process by giving blatantly false sound ratings to these CDOs, also for a fee, thereby generating high demand for the polished turd CDO product line and ensuring themselves more business. When someone finally figured out that these bundles of garbage were virtually certain to default, the banks came up with a way to write an instrument to bet against the survival of the CDOs they created (credit default swaps). They made a bunch of money selling these instruments that were underwritten by others, primarily AIG. Then they tried to make a killing by buying them back when it became obvious even to them that their crap CDOs were indeed certain to go belly up. The only way these scumbags actually ended up losing money was because the ratings companies lied so convincingly that the investment departments in their own stupid banks were holding billions of dollars worth of these crappy instruments when the music stopped.

Of course your explanation is much simpler and therefore, even if completely preposterous, easier for stupid people to grasp.

Wenatchee WA
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@ VA, I already know what I hope the sentence is....

Augusta GA
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TOPIC: WTF
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