Our financial system has collapsed when the Fed is printing a trillion dollars to buy treasury bonds and mortgage backed securites.
I don’t dispute Dem deregulation opened this whole can of worms but that deregulation was heavily supported ($$$) by Wall Street. AIG was one of the main enablers in this whole fiasco along with the mostly dim politicians they bribed.
Without AIG and their ilk writing that CDS paper these banks would not have been able to sell their nicely repackaged crud liar loans in such large amounts. It’s great that these altruistic employees wiped that trillion dollars in liabilities off the AIG books. Too bad a similar amount and more has been transferred over to our books due to the negligence of their company.
So, you don’t think that regulations calling for making loans to individuals who beforehand did not qualify for those loans had anything to do with the mess? And, you blame the banks for wrapping those loans (they were forced to make) up in huge packages, mixed in with good loans of course in efforts to spread the risk as something evil with the banks?
What governmental group can you name that in the past year removed a TRILLION DOLLARS of liabilities?
Personally, I think those people who helped do that deserve twice the bonus they got.
The reason we are going to lose our freedom in this nation is because good people simply do not understand what has happened, what is going on, and how it relates to freedom.