The Real Roots of the Financial Crisis (2008)
The Untold Story Every American Should Know
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).