[…] Wall Street ‘greed’ as an explanation is pure pandering to the unthinking. The crisis was triggered by the failure of one segment of financial products – subprime and Alt-A mortgages, and mortgage backed securities. The driving force in this market, buying and selling, were the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. And since the GSEs are implicitly backed by the US government, the risk is very low, even though, all know many of these mortgages will go into foreclosure. As we now know implicit equals reality. […]
Go read the rest and at the bottom of the article, the names of those responsible for all of this contrived and purposeful financial quagmire and the dates that “earmarked” the financial collapse of America are identified.
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