You should watch the Big Short.Originally Posted by dawg80
There was a documentary on all of that...might can find it on YouTube. Very interesting...very sad too. People did get greedy, but those who were hurt the most were done so by people like pension fund managers and the like. In that documentary it showed a province in Norway or Sweden that invested heavily in the mortgage-backed investment vehicles and got clobbered when the bottom dropped out. Their whole pension fund for retired public workers crashed. A whole lot of people jumped in and played the game and some got filthy rich but most took a hit. Oh well, so sorry, so sad. They saw only how much could be made and disregarded the risk.
I didn't invest even one dime in any of that mess. My mortgage banker went ballistic when I first asked him about it all. I admit when it all first coming out, in late 2003 into 2004, I was curious about it. I asked him how can a bank afford to make loans below the prime rate, meaning they would lose money on every loan. He explained that's not what the "sub prime" was referring to. And quickly added, this bank won't be participating in any of that scheme. Most small, local and regional banks did not get involved.
What was that huge insurance company that went bankrupt? And all those brokerages. like Lehman Brothers, that tanked. A price was paid by many. And it all traces back to Maxine Waters, Chuckie Schumer, Chris Dodd, Barney Frank and later joined by Barry Hussein Obummer.
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