In this 11th installment of #MMTMondays, Professor Bill Black explains how the “Great Recession”--the financial crisis of 2008--actually happened--and how it was destined to occur due to decisions made almost 15 years prior. It will all make so much sense after you hear it. Deregulation and GREED conflated to cause this--and it could, conceivably, happen again if not put in check--and that has yet to occur.
After the S&L crisis of the ‘80s, the first problem was due to interest--the second was decidedly fraud. There were criminal charges and prison time for the perpetrators--but no such thing happened after the 2008 debacle, though the players could be readily identified. The 2008 incident was by design, as those committing the fraud knew exactly what they were doing, sold the bad mortgage-based securities, and were more or less certain there would be no consequences--for them. The only consequences happened to those who purchased the mortgages--and were ultimately foreclosed upon and lost their homes.
This presentation will clarify and enumerate the factors that contributed to these crises. It should help you understand, more fully, what occurred--and why.
#BillBlack #EconomicJustice
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