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The financial cataclysm in a nutshell
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It's pretty simple...
Here's where we are and how we got there:
1. Banks (with cheerleading and cash from the Fed) inflated house prices by giving insane loans to any buyer who could stand up and breathe.
2. The inevitable happened and people woke up an realized a plywood ranch house on a swamp in Florida is not worth half a million dollars.
3. The bankers got their fees and now mortgage holders are left holding the bag and many are folding voluntarily and involuntarily.
4. To make sure the Wall Street banks got paid, the US government bailed out AIG which insured hundreds of billions of dollars worth a FRAUDULENTLY created loan packages that were sold to investors all over the world.
5. Trillions of dollars are being vaporized as we speak and the banker-criminals responsible are not only being held to account, they are paying themselves record bonuses.
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