The 2008 Financial Crisis was a seminal moment in American history. After a century of unchecked American economic dominance, the nation “came within 24 hours of melting down to the pre-industrial age”, as one of the world’s most respected CEOs put it a few weeks later.
The U.S. financial system had frozen due to a cash panic among banks. Short-term loans to small businesses and even cash withdrawals from ATMs were hours from completely halting.
Thanks only to the Federal Reserve’s last-minute injection of trillions into key institutions was the system rescued.
But few know the true story of the root causes of the “Mortgage Meltdown”. Buckle up, because the truth is as interesting as it is painful.
Worth reading. Besides the huge direct costs and the financial aftershocks that are still going on, this self-made crisis caused the greatest disaster to befall the USA, the election of Barack Obama as President, (until Joe Biden’s Presidency).
Forty years toiled in the Tel-com industry, married for 36 years widowed at sixty-one. Ten years in a relationship with a woman until her death. Was a Tea Party supporter. Today a follower of the Last American President to be honestly elected, Donald J. Trump.
Recently had Ancestry.com tell me I'm Swedish, not Danish. I may need to change my avatar.
Throughout history, poverty is the normal condition of man.
Advances which permit this norm to be exceeded -- here and there, now and then -- are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as "bad luck." -- Robert A. Heinlein
Wrath Of Gnon
“In an age where the media publish endless stupidities, the cultured man is defined not by what he knows but by what he ignores.” ー Nicolás Gómez Dávila
On the North River 