Expected American Economic Collapse in 2014
What was the real cause for the whole mess! When you lend to people who can't pay back and multiply it by trillions, you get into a whole lot of trouble. Even worse is when the government gets involved. The GLB didn't truly deregulate but actually gave the Federal Reserve more power. At least it helped strengthen privacy laws for customers.
the problem is stupidity spending your credit to a negative."
The problem is the notion of spending credit in the first place. Its not money. A debit card is a different animal.
Solution :
#1) Put Glass-Steagall back into place (thank you Bill Clinton for starting this mess)
#2) Start putting some of the Wall Street and Bankster Criminals on trial (there were over 800 convictions during the S&L crisis .... ZERO for this meltdown)
NOTHING has changed since the 2008 meltdown! Your points are well taken, but history will repeat and it will be far worse than 2008.
3 years ago