It seems that the US financial crisis involving Fannie Mae, Freddie Mac, Lehman, AIG, and many others may not have been caused by greed. At least not by financial greed, that is. They were just trying to cover for losses they already knew would come if they did not resort to the innovative derivatives in the mortgage market.
Political greed perhaps? It now seems that the push for that almost "inalienable right" to have a house, even if people cannot afford to pay for the house is the culprit. Heck it even looks like it was a conspiracy that took 15 years.
Political greed perhaps? It now seems that the push for that almost "inalienable right" to have a house, even if people cannot afford to pay for the house is the culprit. Heck it even looks like it was a conspiracy that took 15 years.
Let Drew Zahn or Ace of Spades tell you about it. H/T: ST
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