Selling fraudulent products is.And none got prosecuted....Holy crap...you are REALLY ignorant about the economy.
You dumb shit...if the banks planned it all and got out when things were good...why did the Fed have to bail them out to the tune of $1.6 TRILLION DOLLARS directly and LOADS more indirectly?
And why did Bear Stearns go under?
'Over the next six months, TARP was dwarfed by other guarantees and lending limits; analysis by Bloomberg found the Federal Reservehad, by March 2009, committed $7.77 trillion to rescuing the financial system, more than half the value of everything produced in the U.S. that year'
Emergency Economic Stabilization Act of 2008 - Wikipedia
The banks got killed by the boom/bust...they just had the Fed to bail them out.
Uneducated hick...stick to what you know (being xenophobic, misogynistic, racist and masturbating to pictures of Trump) and leave macroeconomics to those of us with IQ's over 90.
We are done here as I won't waste a second reading your undoubtedly moronic reply.
Have a nice day.
Todd and I work in the financial markets.
I’ve been in the investment business for 20 years, and I don’t work for a bank.
I also don’t believe that the CRA nor the GSEs were the reasons for the Financial Crisis.
The banks WERE stupid, but they didn’t plan the Crisis. Such conspiracy theories put you way out there on the crazy plane.
Bank CEOs at Bear got fired and Lehman brothers and several other less famous places did get fired.
Making stupid investment choices usually isn't a crime.
Who did that?