2008

The people taking the loans.

>muh free house

>>138118667
Pretty much 100% on the ratings agencies. Imagine you're out to buy a car, get to a dealership, see a bunch of shiny BMWs, pay 100k for a nice SUV. Two months later, the BMW sticker peels off to reveal you've paid 100k for a 1990 Lada.

Who do you blame?

Depends on the view. If you look on a micro basis, the fault lies with people that took loans they knew couldn't be repaid. On a macro basis, institutions exist to monitor and check every person applying for a loan and they failed to do their one job. They either didn't check, or did and didn't care.

>>138118667
>jews giving niggers houses
hmmmmm

>>138118667
The government threatening litigation, and the rating agencies, who happen to be a government granted monopoly

Actually now I wonder if they were rating things badly for the same reason and not just for financial gain

>>138118667
The most honest answer is everyone, the people who bought the houses, the banks, and the government.
The problem imo was the bailouts, first the banks then the auto industry.

>>138120787
>the fault lies with the people who couldn't pay the loans
I agree with your premise, but they payh the piper their own way

There are always people willing to take (((free))) money, but they arent the ones meant to impose a bottleneck. The same goes for the financial institutions being overly risky

Op cause he is a faggot

>>138118667
The federal government created a program to help blacks get houses

(Sub prime)

Then the investment banks realized through complex instruments they could creat investment grade securities, which they could sell to pension funds.

That's okay.

Now the fraud starts. The invenstmentnbanks are making tons on asset backed securities. So they start tranching them and bribing the rating agencies to pass them as AAA.
Now a time bomb.

This was the major fraud
AIG (realized that they could sell Credit default swaps and create a whole new security based on these which was also "AAA" and this basically doubled the amount of worthless securities going to retirees.

This was all massive fraud because at any point a significant portion of the American economy was being funneled through these pipelines and the bankers were getting huge bonuses while the retirees world wide were the ones holding the bag.

That is why they started doing no doc loans because it doesn't matter to the individual making tons of money.

They know it's a fraud but fuck it so what if they steal an entire generations retirement and bankrupt nations. They have their Boat drinking beers with their boys on their boat. So what if your grandfather can never retire and has to work at fucking Walmart.

This eventually popped because it was a Ponzi scheme. And just the bad assets on the books fucked over the biggest banks in the world. But the real tragedy was that they exported huge chunks of state sponsored retirement funds bankrupting some states cities and countries.

But fuck it guys no charges cause they got their boats. With their boys. ;)

>>138121664
>There are always people willing to take (((free))) money, but they arent the ones meant to impose a bottleneck.

Yeah I fully agree. Regulators and banks have access to cold hard statistics and should have seen it coming, whereas the ordinary joe applies and hopes for the best. It's literally the bank's role to tell him to fuck off if he doesn't meet the criteria, but they didn't in most cases.

Jews, the whole thing was engineered to steal trillions from the government and transfer it to (((banks))).

jews using niggers to steal from the government. same old story been done a million times