Explains how the financial crisis started, banks giving bad loans, investment banks selling them, investment banks then fail and everyones going bankrupt and losing jobs
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1 comment:
"Banks deceitfully offered significantly discounted interest rates that would eventually skyrocket after an initial 2 year term."
Banks? Weren't they a bit "motivated" to do it by the government? What about Fanny and Freddie, the government controlled institutions, who were buying these mortgages?? What about FED, keeping the interest rate low during the boom, when it was supposed to rise, to prevent overheating??
Jill
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