I don't support capitalism or any version of communism (state capitalism) that has so far been practiced; why do you automatically assume anyone critical of finance capitalism supports Soviet-style communism?
because what we have favors the oligarchs , just as it does thier system
I vaguely remember we sold those bad instruments to foreign banks that came back when Americans stopped paying their mortgages and the foreign banks told us to go somewhere when we tried to sell them the next thing to keep the cash flowing.
Credit derivatives , credit default swaps, all of which are predicated on the transfer of
risk , or in other words ,
profit when something fails.
As I think more about it, and you make me think more about it in 2020 than I did several years ago, Clinton probably did push Fannie and Freddie to have Lenders Rubber Stamp the Loans.
the rescinding of Glass Steagal , which was created to
protect public banking from investment banking ........
basically the fractional banking system 's integrity was thrown under the wall street bus in the late 90's
FF to '08, '09 and that bubble created the housing bust, where Joe bag O donuts mortgage quadrupled overnight
That fine print , always a b*tch
But the myth of 45 million Americans waking up wanting to be welfare queen foreclosure bums persists
And the chief proponents who advocated the rescinding where appointed to the '
banking commission' to whitewash it all for their constituency
POINT? the house never looses in a rigged economy
~S~