[WILLIALAL]

Why is it so hard for some people to accept the fact that the large financial institutions were the leading figures in the 2008 crash? You can blame government policies if you want, and I’m sure they contributed, but an unsupportable mortgage held by some poor Joe who couldn’t afford it did not cause the crisis. It took the financial institutions along with the rating agencies to pull this off. This was a large organized operation across the banking industry, all in the name of making a quick buck.

[Rusty0604]

The gov’t said that the credit requirements were discriminatory against minorities and required the banks to loosen their standards.

[Night Hides Not]

This was a large organized operation across the banking industry, all in the name of making a quick buck.

Hundreds of community bankers saw the riches being made by the larger banks, so they tried to emulate their success. Unfortunately, they did not have sufficient expertise in commercial real estate, and were not prepared when the SHTF.

That's what happened to the vast majority of banks closed down by the regulators from 2008-2013. It wasn't derivatives that did smaller banks in, it was from popping the bubble on commercial real estate.

[HLPhat]

>>Why is it so hard for some people to accept the fact that the large financial institutions were the leading figures in the 2008 crash?

Even Greenspan managed to pull his head out far enough to see that light...

---

“lan Greenspan admits that it was all a scam and fraud......
“Even Alan Greenspan is confirming what William Black, James Galbraith, Joseph Stiglitz, George Akerlof and many other economists and financial experts have been saying for a long time: the economy cannot recover if fraud is not prosecuted and if the big banks know that government will bail them out every time they get in trouble.

Specifically, Greenspan said today in a panel discussion at a Fed conference in Jekyll Island, Georgia (where the plans to form the Fed were originally hatched):”

https://www.youtube.com/watch?v=2X3zgEsNvYI

http://www.liveleak.com/view?i=195_1289358829

[HLPhat]

“Banks operated with less capital because of an assumption they would be rescued by the government, he said. Lehman Brothers Holdings Inc. wouldn’t have failed with adequate capital, he said. “Rampant fraud” was also an issue, he said.

Lack of Trust

“Fraud creates very considerable instability in competitive markets,” Greenspan said. “If you cannot trust your counterparties, it would not work.”
—ALAN GREENSPAN

Read more at http://www.liveleak.com/view?i=195_1289358829#FygQ6oqwbQYcOKbz.99