LinkTrump had nothing to do with the collapse of the housing bubble in 2007Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?
https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20
"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."
"KIRKUS REVIEW
"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"
"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.
"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."
It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.
Too Much Winning or Drain the Swamp?
That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments
And there was nothing corrupt about a smart operator like Trump taking advantage of the situation. A situation he had no hand in creating.Trump and other capitalists lobbied congress for years to deregulate financial services in ways that would extend mortgages to buyers they knew would be incapable of repaying those loans. Once the inevitable foreclosures began to increase, Trump and his cohorts began buying up massive amounts of properties primarily as rental units which is one reason why apartments like the one I live in today rented for $375 a month in 1995 and currently rent for $1150 per month.And there was nothing corrupt about a smart operator like Trump taking advantage of the situation. A situation he had no hand in creating.http://cepr.net/documents/publications/dereg-timeline-2009-07.pdfLink
"1996, Fed Reinterprets Glass-Steagall – Federal Reserve reinterprets the Glass-Steagall Act several times, eventually allowing bank holding companies to earn up to 25 percent of their revenues in investment banking. • 1998, Citicorp-Travelers Merger – Citigroup, Inc. merges a commercial bank with an insurance company that owns an investment bank to form the world’s largest financial services company. • 1999, Gramm-Leach-Bliley Act – With support from Fed Chairman Greenspan, Treasury Secretary Rubin and his successor Lawrence Summers, the bill repeals the Glass-Steagall Act completely. • 2000, Commodity Futures Modernization Act – Passed with support from the Clinton Administration, including Treasury Secretary Lawrence Summers, and bi-partisan support in Congress. The bill prevented the Commodity Futures Trading Commission from regulating most over-the-counter derivative contracts, including credit default swaps. • 2004, Voluntary Regulation – The SEC proposes a system of voluntary regulation under the Consolidated Supervised Entities program, allowing investment banks to hold less capital in reserve and increase leverage. • 2007, Subprime Mortgage Crisis – Defaults on subprime loans send shockwaves throughout the secondary mortgage market and the entire financial system."
Banks didn't need investment banking to lose money on crappy mortgages.