>>1046802 oh of course poor people who wanted holmes are the problem. and that's why we have slave labor because people want cheap items... and are ignorant (stay in ignorance of) the labor used to produce it
I mean you can blame the every man for literally everything and it doesn't help anyone. The banks have billions of dollars and hire hundreds/thousands of people to plan their growth and maintain their capital, of course if they failed to do so its the consumer's fault.
Homeowners bought homes they couldn't afford, blew through home equity lines of credit and spent it on jet skis instead of their houses. Then they got laid off en masse. (700,000 jobs per month were lost)
Traders bundled their mortgage payments with the mortgage payments of people with good credit and income.
Speculators assessed these as AAA+ bonds.
AAA+ bonds grew from a couple hundred to several thousand in just a couple years, with nearly all of them mortgage backed CDS's. Smart experienced investors should have known better.
Instead, they invested all their money and even invested other people's money from their banking reserves.
AIG insured all of this in spite of the fact that they didn't have enough money to insure all of it.
It worked well until people with shitty credit got laid off en masse and ditched out on their mortgage payments. CDS's dropped in value and banks lost lots of money. Including their reserves (aka, other people's money).
AIG had to cover the losses and couldn't.
*** Let's say you want to bet your life savings and you also max out your credit cards betting on your favorite football team.
Your bookie told you it was a lock.
The team got drunk the night before and played like shit.
Do you blame the team? No *their* loss was their fault but that's where fault stops.
Do you blame the bookie? No, he took advantage of customers and you're the asshole who didn't do his research.
It's your fault. For losing your own money.
*** The banks were at fault for the collapse. Just like it's your own fault when you lose your home on a bet. They gambled, they lost.
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