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> Consumer savings accounts had absolutely nothing to do with the crisis. That's just not true. A significant contributor to the mortgage crisis is that banks
by pianom4n 8y ago
> Consumer savings accounts had absolutely nothing to do with the crisis.
That's just not true. A significant contributor to the mortgage crisis is that banks loan out savings that are backed by the government. Savers deposit their money with banks even if those banks are underwriting risky mortgages
- pembrook 8y agoThat’s like saying a significant contributor to the mortgage crisis was restaurants, because restaurants pay interest on their loans to banks which the banks then used to underwrite risky mortgages. Not sure I follow your argument. How did savings accounts that offered 4% cause the crisis?