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Politics : Formerly About Advanced Micro Devices

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To: Tenchusatsu who wrote (749529)	10/25/2013 11:21:42 PM
From: koan	Read Replies (2) of 1574001

That wasn't what happened. Work backwards from events. What actually caused the crash! It was that banks around the world realized they could not mark to market because no one knew what was in those bundles of shit loans stamped triple AAA by Standard and Poors and Moodys? No quantifiable collateral. Go back and look at what the libor did that day. It went up like a rocket. The banks were making no doc loans to anyone and making huge commissions and knowing the government would back them up. It had less to do with pushing people into loans, as everyone taking out loans and gambling on the real estate market. I watched it happen. << The banks didn't just give credit cards and subprime mortgages. They pushed and pushed and pushed and pushed them. You mean the banks hired a bunch of thugs, got the poor customers down onto the ground, and said, "We don't care what you say, you're going to sign here"? << The banks didn't just give credit cards and subprime mortgages. They pushed and pushed and pushed and pushed them. You mean the banks hired a bunch of thugs, got the poor customers down onto the ground, and said, "We don't care what you say, you're going to sign here"?

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