“if they knew, then what happened was planned or threatened...”
Hardly. The vast majority of people in finance refused to recognize that there was a bubble. The same goes for government. The rare exceptions would be Brooksley Born at the CFTC and Sheila Bair at the FDIC who warned that the OTC derivatives market was becoming very dangerous to the financial system.
Born was driven out of her job because Congress and the bankers believed a pile of nonsense about markets being self regulating. Well they are I guess if you consider a huge financial crash to be “self regulation”.
The crash blindsided the majority of financial firms and government agencies. You think that they were capable of planning it because you weren’t paying attention to what these clowns were saying as the bubble grew and finally blew. They were in denial and then shock. There were a few people here at FR with more sense than the pros, who spotted the bubble and had been warning what was coming.
I remember that.
Born was driven out of her job because Congress and the bankers believed a pile of nonsense about markets being self regulating. Well they are I guess if you consider a huge financial crash to be “self regulation”.
That is an excellent point.