"The meltdown explanation that melts away"
Bethany McLean seems to refute the claim that the 2004 SEC rule change permitting greater leverage of investment banks played a key role in the financial crisis.
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March 27, 2012
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I just adore how everyone attempts to spin the finacial meltdown when it is quite simple:
1. Gov't forces banks to make bad loans.
2. Banks try and make money off bad loans through risky finacial vehicle.
3. Housing market balloons due to unwise Gov't interference.
4. Balloon "Pops"
5. Gov't and media blames banks.
6. Lessons learned: None. Gov't sues banks for giving Gov't mandated risky loans, then attempts to insinuate itself into markets again through loan modification programs.
Posted by: Paul | March 27, 2012 at 08:02 AM