[Ten years for investment bankers to blunder into another major financial crisis.]
And all of the above took place in the context of a culture that was being deliberately and systemically corrupted from within; culminating in the demoralized / amoral state of affairs where this...
"As a 19 then 20 year old boy, my managers and handlers taught me the ins and outs of mortgage fraud, drugs, sex, and money, money, and more money. My friend and manager handed out crystal methamphetamine to loan officers in a bid to keep them up and at work longer hours. At any given moment inside the restrooms - cocaine and meth was being snorted by my estimates more than a third of the staff, and more than half the staff manipulating documents to get loans to fund and more then 75% just completely made falses tatements on 1003s regarding stated income etc to get loans funded. "
"We are witnessing the consequences of a generation inculcated with moral relativity and situation ethics."
http://www.freerepublic.com/focus/news/2184646/posts?page=12#12
That same generation inculcated with moral relativity and situation ethics has segued into The Entitlement Generation.
The new motto is “Pay Me—I’m a Victim.”
Good find. But somebody forgot to tell Christopher Jared Warren to blame all of his actions on the government forcing him to make subprime loans, which has become Received Wisdom around here from people who never even knew there was a housing bubble until months after it blew up.
Warren’s confession is the sort of story I heard many times during the bubble. One of my clients had learned his craft at Ameriquest and had left to start his own subprime brokerage. My neighbor owned another subprime shop, as did my friend’s daughter. At the peak of the madness they were living in million dollar houses and driving Maseratis. The problem is they believed that the easy money would never end and they ended up broke, which I suppose is some kind of poetic justice.