Well, that is not exactly overflowing with detail... actually, most were anxious to make deals and money on transactions during this period. The problem is that most of the profit was bogus (through bad real estate deals or the selling of such), so it really does still go back to those the allowed this to happen.
You keep looking at the results of these actions rather that the cause. Yes, there were lots of unscrupulous actions by banks and other institutions because of this. You unfortunately keep blaming those that took advantage of it rather than those that caused it.
I still say that 90% of the problem was government active action in the real estate market which caused banks to actively take on those poor risk loans (because they were backed by government) and eventually put themselves at risk because of these actions. This in turn caused a downturn in the general stock market (because so many large firms invested in sordid real estate loans) which caused a major crash or depression.
Yeah, but that is kinda like a thief blaming his crime on the police not stopping him. Gov’t fell down on the job. (See SEC and Madoff) But that don’t mean gov’t shouldn’t try. Thats why I raise so much heck about this. Attitudes about regulations needs to change from “not necessary” to “absolutely necessary.”
parsy, who is going to bed
Oh, BTW, that crashopedia one is full of detail thru its links.
parsy, who is drooping