3 ms·
That money never existed in the first place. The "value" of the assets were based on people's confidence in it continuing to rise. Once that confidence evaporat
by hackinthebochs 18y ago
That money never existed in the first place. The "value" of the assets were based on people's confidence in it continuing to rise. Once that confidence evaporated, so did the "value".
The problem is how connected the financial system became to these bubble assets.
- jacquesm 18y agoI don't think that's the whole of it. Especially in the case of the resale of the bad debt packages real money changed hands for future revenue based on a misrepresentation of the facts about these packages on the part of the seller. That money should be recoverable.