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Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economic --
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<blockquote data-quote="klein" data-source="post: 849385" data-attributes="member: 23950"><p><strong>Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi</strong></p><p></p><p></p><p></p><p>And here I am, and always thought that the US real estate funds sold world-wide so much, that the private fund management firms needed more estate to sell more funds, and they did that buy selling homes to people that couldn't really afford them, no questions asked.</p><p></p><p>Then the bubble bursted, as most of those homes were sold with under prime mortgage rates for 5? years, and people could no longer afford their higher mortgage.</p><p>And, still under Bush, as most financial institutions were involved in funding those mortgages, people were lined up at the banks to remove their cash deposits.</p><p></p><p>But, ofcourse, due to very little government involvement in how banks deal with people's money, US banks don't/didn't even have 50% of deposits available.</p><p>Therefor, most of them would have went belly up, with everyone demanding their cash.</p><p>That's where the government (under Bush) came up with the Tarp program - to save the Banks (and the publics money).</p><p></p><p>Please tell me I'm wrong, and the whole housing bubble and lending is to blame on Bush and the government, not the private banks or wall street !</p></blockquote><p></p>
[QUOTE="klein, post: 849385, member: 23950"] [b]Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi[/b] And here I am, and always thought that the US real estate funds sold world-wide so much, that the private fund management firms needed more estate to sell more funds, and they did that buy selling homes to people that couldn't really afford them, no questions asked. Then the bubble bursted, as most of those homes were sold with under prime mortgage rates for 5? years, and people could no longer afford their higher mortgage. And, still under Bush, as most financial institutions were involved in funding those mortgages, people were lined up at the banks to remove their cash deposits. But, ofcourse, due to very little government involvement in how banks deal with people's money, US banks don't/didn't even have 50% of deposits available. Therefor, most of them would have went belly up, with everyone demanding their cash. That's where the government (under Bush) came up with the Tarp program - to save the Banks (and the publics money). Please tell me I'm wrong, and the whole housing bubble and lending is to blame on Bush and the government, not the private banks or wall street ! [/QUOTE]
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