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Has anyone here read the official report on the 2008 financial crisis?
https://www.gpo.gov/featured/Financial_Crisis_Report.htm
Majority opinion (six out of the ten committee members)
>Too much greed
>Not enough regulation
Dissent 1 (three committee members)
>1. USA/Europe credit bubble
>2. USA housing bubble
>3. Nontraditional mortgages
>4. Credit ratings and securitization
>5. Concentration of correlated risk (i.e., banks didn't realize that the entire housing bubble would burst at once, since housing bubbles previously had been regional, and overcoming regional housing bubbles was a major upside of securitization)
>6. Leverage and liquidity risk (gigantic debt ratios funded with overnight loans)
>7. Risk of contagion (domino effect of bank failures due to credit risk)
>8. Common shock (everybody bet on housing)
>9. Financial shock and panic
>10. Financial crisis causes economic crisis
Dissent 2 (one committee member)
>USA government housing policy encouraged banks to make too many risky loans to poor people
So, who's right?
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>>2335206
>Dissent
Is that a new ICO? Where can I buy the tokens? dur
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>>2335206
Dissent 2 which opened up room for shit like dissent 1 to happen.
The Fed knew what was happening, and the banks knew the bank bailout was coming & that they'd get away with it.
There's a reason why only one banker was arrested over it, and it didn't even happen in America. Bernie Madoff steals $18 billion from people and gets 150 years in prison, while the ceos of the biggest banks admit to fucking over the American people & cause $22 trillion worth of damages and many of them still retained their positions in their respective companies.
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