Who's to blame for the banking crisis?
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Submitted by: neilbaxter4  Subscribe to this Author Paste this code into your site to promote this story! |
http://www.mises.org/
Type of Content: Article Greenspan says it's a flaw in the market - are you going to trust the guy who engineered the collapse? Here is the real explanation from the von Mises institute. (The von Mises Institute is the economic institute with whom Ron Paul has a working relationship). If you wish to protect yourself financially during this crises, you'd do well to bookmark this site. Read »
Created 10 weeks 6 days ago
Made popular 10 weeks 5 days ago |
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I agree that laissez faire is not to blame. The article makes several great points, but does not even begin to discuss the real issue.
The mortgage/housing bubble is not to blame here. Only about $500 billion of mortgages are at risk. We have thrown over a trillion dollars at this mess and its not even making a dent.
The real culprit - Credit Default Swaps and the Wall Street insiders who are running the scam that has governments around the world on the hook for over $60 trillion dollars.
Read the truth here: Wall Street Gate Scandal Caused the Stock Market Crash of 2008
Crooks took out insurance policies aka Credit Default Swaps against our financial institutions failing. Think of them as Life Insurance on a bank dying. Then with the help of their hedge fund co-conspirators they shorted the stock and revealed they had trillions of dollars in insurance policies on their balance sheet they hid from investors.
The drove our financial institutions into the ground so they could collect the "life insurance" when the companies died. This is for real...
Lehman Brothers failure total $400 billion in insurance payouts.
Yes that's $400 billion in payouts just for Lehman Brothers failing. Now add up for AIG, Wachovia, WaMu, Fannie, Freddie, etc... These crooks are collecting trillions of dollars in insurance payouts for these companies failing. These Ceo's intentionally put their companies at risk so they would fail and they could collect the insurance payouts on the credit default swaps.
The Federal Reserve and 'Helicopter Ben' Bernanke and the damage worthless Federal Reserve notes cause...........
Always vote for principle, though you may vote alone; and you may cherish the sweetest reflection that your vote is never lost.--John Quincy Adams