Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: zzpat who wrote (1085574)	8/29/2018 3:46:16 PM
From: bruwin	6 Recommendations Read Replies (3) of 1584695

What did your previous president do to "save the economy" ?? The financial crises, which reached its head round about 2007/2008, was as a result of the Subprime Mortgage crises that resulted in crap securities being "packaged" and distributed/traded within the banking/mortgage business. When defaulting on mortgage loans reached epic proportions no one knew for sure what those "assets" were worth on the bank's books. One of the main losers in the banking world was Lehman Brothers that went down the tube. It was in September 2008 that Treasury Secretary, Henry Paulson, went to Congress and asked them to approve a $700 billion bailout to buy mortgage-backed securities that were in danger of defaulting. By doing so, Paulson wanted to take these debts off the books of the banks, hedge funds and pension funds that held them. The goal was to renew confidence in the functioning of the global banking system, which had narrowly avoided collapse. Your "previous president" only took office in January 2009. By that time, the "rescue effort" was well underway already by people who actually knew what was necessary to be done to get the American financial system out of the fertilizer. Your "previous president" is a lawyer by profession. I very much doubt that he would have known anything about how best to rescue the American financial system/economy from impending disaster .... the best he could do was to look on and learn and let others get on with it ....

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