No you are embarassing yourself. The CDS market, the hdge funds turning on Morgan and Goldman who begged to Paulson. You have no clue. It goes further back to CRAs and Fannie and Freddie but it was a setup with Raham and Gorelnick and Fann and Fred. The couple at World Savings, Stan O’Neil and the list goes on and on. Cong Black Caucus blocking any oversight.
Keep aceepting the MSM/Sdaui media story.
I take my analysis from Karl Denninger who has examined this issue inside out and upside down.
1) Commodities Modernization Act-> Unregulated derivatives
2) Graham Leach Bliley ——————> Removed Great Depression era banking rules designed to keep depositor money out of speculation
3) CRA
4) Congress eliminating leverage limits in 2004
5) Fed keeping interest rates low for years and blowing a real estate bubble
6) NINJA and Liar Loans
7) AIG writing CDS with no money to cover
8) People buying houses they couldn’t afford and then refinancing again and again to spend more money.........
9) Deficit spending every year by the Feds accruing interest on top of interest and hiding private sector GDP
etc, etc