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A Wall Street insider high up at a major USA bank once told me that 2008 was a media created phenomenon. There was no mortgage crises, leverage for sure, but no
by greatpostman 5y ago
A Wall Street insider high up at a major USA bank once told me that 2008 was a media created phenomenon. There was no mortgage crises, leverage for sure, but nobody went to jail. Why did no one go to jail? Nothing was done wrong. It was a panic sparked by the media.
- turbinerneiter 5y agoWithout judging whether it's true or not, it makes sense for a wall street insider to blame it on someone else, doesn't it? Everybody wants to be the good guy in the story, even wall street people.
- topkai22 5y agoTo greatly oversimplify the issues, there was plenty of wrong done it just wasn’t illegal. Don’t confuse good decision making nor morality with legality. There are PLENTY of sources documenting the the faulty assumptions and collective delusion that led to the 2008 mortgage crisis happen. Blaming the media for the panic without acknowledging the very real and very large underlying issues sound like post hoc self justification.