For your average ignoramus on high finance, you hear figures in the trillions being thrown around concerning toxic assets in a parallel financial universe, totally unregulated. You don’t what to believe, but the questions are, weren’t these kinds of securities always around, and if so, how come they weren’t cause for concern before?
Canadians of a certain age will see some wry humor in all this. There was a party from the 30s to the 70s called Social Credit. They never gained federal control but they did rule some provinces. Their philosophy was that there is no need for anyone to lack money, since the government can print as much as they want and send it out. Or something like that. Everyone called that “funny money.” It seems to me the whole world has now come around to a form of Social Credit.
No they were no aways around, but there has been many similar scams. They happened because congress stuck it head if it's butt and refused to do their jobs for the past 15 years.