09 October 2008

the financial crisis so far

A very short version:
  1. A person in the great depression decided the government should lend money to those who the banks would not.
  2. A person many years later decided to sell these loans to the banks.
  3. A banker many years later decided to guarantee these loans.
  4. Many people many years later discovered that there was a reason why it was the government making these loans and why the banks would not.

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