Actually the whole 2008 collapse goes back a bit. In 2006 or 2007 there was a group of states trying to sue the national banks for predatory lending practices. That case was denied with idea states had no standing to sue an national bank. Because the bank spanned beyond an individual states jurisdiction. The states then took this to the federal government to get them to proceed. Was ignored by the Federal Government.
Before that under Clinton they repealed an act that kept savings banks separate from investment banking. With that repealed banks where then taking peoples savings accounts and acting that as leveraged assets to make larger stock investments. The whole thing was ridiculous securities, hedging, bundling assets, fictitious asset ratings... the whole system was built on smoke and mirrors.
The one clear issue when looking at decades of decline across the United States is the Federal government. All the States should just secede from DC. That is the heart of this country's problems.
Actually the whole 2008 collapse goes back a bit. In 2006 or 2007 there was a group of states trying to sue the national banks for predatory lending practices. That case was denied with idea states had no standing to sue an national bank. Because the bank spanned beyond an individual states jurisdiction. The states then took this to the federal government to get them to proceed. Was ignored by the Federal Government. Before that under Clinton they repealed an act that kept savings banks separate from investment banking. With that repealed banks where then taking peoples savings accounts and acting that as leveraged assets to make larger stock investments. The whole thing was ridiculous securities, hedging, bundling assets, fictitious asset ratings... the whole system was built on smoke and mirrors.
The one clear issue when looking at decades of decline across the United States is the Federal government. All the States should just secede from DC. That is the heart of this country's problems.