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No income no job loans. That's _why_ the appraisers could do this. The banks got greedy, realized their mistake, and then promptly blew up the market on pur
by timewizard 2y ago
No income no job loans.
That's _why_ the appraisers could do this.
The banks got greedy, realized their mistake, and then promptly blew up the market on purpose. The secondary effects were not the drivers of the crisis. This is one of the most documented and unpunished crimes of the century.
- jfengel 2y agoThe best part: it may well not have been illegal. The economy is a constant cycle of upswings caused by new forms of crime, followed by a crash and then new laws. They then set out to research new forms of crime.
- lazide 2y agoNit - it’s not a crime until it’s illegal.
- timewizard 2y ago> it may well not have been illegal. There was lots of legal activity that added to the size of the crisis. You'd be naive to believe that everything else was perfectly above board. > economy is a constant cycle of upswings caused by new forms of crime "The economy" as a concept is not. The current US economy certainly does seem to be dominated by criminal activity and has been for 30 years or so now. The connection of the Internet and financial markets were not a strictly great idea. > followed by a crash and then new laws. Laws also get repealed. Like Glass-Steagall was. > They then set out to research new forms of crime. I posit that they don't. They enjoy a monopolized economy in an incredibly deregulated market. They take whatever they can take until they get caught. Our justice department happily negotiates a settlement and sweeps the whole thing under the rug. This isn't just a clever scheme. This is nearly complete and total government and business corruption.