Who was really responsible for the 2007-08 financial crisis?

This. I watched that movie and it blew my fucking mind at how well it explained it.

They shit on bankers the whole movie, especially the part about synthetic CMO's. What are you on about?

DA JUICE

It's our corrupt ponzi-scheme monetary system. I found that this short video explains everything fairly well. youtube.com/watch?v=23DNe0cJhcU

Because in real life those people were Jewish, but in the movie they were white.

And they left out the fact that it was all Jewish lawmakers who set up the regulation agendad necessary for that whole fiasco to take place and then profit from it.

Except they didn't mention the fact that the government encouraged banks to give loans to those who couldn't afford it as apart as some program

fiat

Bill clinton, and then the banks, and then the people taking the loans. Basically in the 90s Bill Clinton thought it was sad that some poor people coldn't afford house loans, so they made some law that allowed the banks to give out cheaper more unsecured loans

a decade and some time later you know what happened when people couldn't pay those loans back.

I worked on the OCC IFR project, reading borrowers complaints (they all appeared to be retarded), audited the underwriting, and analyzed the approval (signing process). I never saw the big short, but I assume it's all so far removed from the actual issue, that it must be bullshit. I-bankers do not even look at the inputs required that could have predicted the housing crash.

Correct gotta love mah gubment with their special programs which fuck with the natural order of the economy.

They also make a direct appeal to identity politics at the end, claiming mean populists will blame brown people. It's important to understand african and middle eastern immigration forces are mostly artificial, driven by NGOS financed by the same big money for the same reason the housing crisis happened: new people = new loans you can sell them, more predicted GDP inflation, more inflated futures market, and so on.

>/pol/ propaganda disguised as business related topics slowly permeating this board once the reddit memes lose momentum

Sure is /pol/ in here. Keep that shit to your containment zone

fuck off retard

bancor

>all bankers are Jewish and if it's not depicted in the movie it's propaganda

you life must be incredibly depressing

That's the fucking point, they didn't understand or even care how absolutely shitty the sub prime loans were, but instead just sold incredibly leveraged interest rate swap futures contracts on top of them.
The few guys who did unravel the garbage made hundreds of millions, but as always they had to hold their nerve and nearly got busted out by the parabola.

greed

There's no end to the reddit memes.

>hur dur is the other party fault

Great propaganda m8.

jews

Government involvement in enterprise. Banks overleveraged themselves because they knew they could get bailed out. Then, the gov didn't bail them out as planned and some banks went under (ex. Bear stearns)

Blaming the banks is like blaming a car dealership for car accidents.

The real blame was from the dumbasses that took money they couldn't return

Not really it's more like blaming dealerships for auto loan defaults which is appropriate.
If I sell you a car knowing you can't afford it, knowing you most likely will default, it was bad judgement on my part for even getting you into that vehicle.

>hurr durr data isn't data if it hurts my feelings
Jewish people represent 48% of the US billionaires. Questions about possible overrepresentation aside, anything involving big money is likely to involve Jewish people as they are the majority.

This.
People don't like taking responsibility.
Oh, your dumbass took a variable rate loan and didn't understand what would happen if the interest rates were raised? Get rekt.

No, banks aren't our parents, they should be clear about intrest rates, and the service they provide.

It's on the client's judgment if buy the service or not.

To generalize why I put that example, what I meant was "You can't blame a company because you gave a bad use to the service/product they provide."

Can't blame gun shops because I shoot myself.
Can't blame KFC cause I got a chunk of chicken stuck in my throat and almost died.

Before anyone derails what I'm saying, yes you can blame them for not giving you what they offered (For example, a bad working gun, or finding a something harmfull in your KFC bucket) but I'm talking about the harm caused by YOU giving a bad use of the product/service, which is what happened.

in the same breath, it was the banks making the loans that failed
and they should have not been bailed out by the tax payer for their fuckup

>muh minorities don't have houses :( pressure since the Clinton administration
Government should fuck off. In all instances; pressuring markets and bailouts can all take a hike.

Greedy bankers who for some reason believed that selling sketchy as fuck shit grade tranches wouldn't collapse eventually as if they've never met poor people who are bad with money personally, or they just didn't care because $$$.

A lot of chain reactions caused a fuck ton of defaults on loans, foreclosures, and bankruptcies which made everything tank. The logic was kind of buying into a delusion, the housing market's only ever been good so it's too good to fail, along with a lot of covering up and denial of the numbers.

This also involves the gov who pressured such loans with programs and bailed out the banks because it was easier to blame others and let poor people suffer than to revolutionize our economy from the rock bottom and administer justice to rich people. Only like 2 people were arrested for nuking the country's economy, does that sound right?

It's not fun to be paranoid, but we've been in a bull market for too long and we're already seeing these awful mortgages and loans rear again in the 2010's as if no one learned anything, on top of escalating school debts for this generation. Who will pay off that arts degree when you're working at Chili's? Who will leave a job when it's too risky.

Disaster is opportunity in ugly clothes. However most people don't prep, and if it hits as hard as I believe we'll go into a depression (already owe trillions). What I recommend is stocking up on resources and learning how to live off the land. Wouldn't be surprised if it's by next year with Trump in office and the poetic justice of a 10 year anniversary.

A loan doesn't "FAILS" dumbass.

If they give you the lowest intrest rate in the world and you use the money to wipe your ass, you wouldn't be able to pay back either, but it's not the banks fault.

It's the client's responsability to analyze their lifestyle and see if the intrest rate can be payed.

Someone making 2k a month might be able to pay 1k of intrest, and maybe someone making 3k can't, it's a very personal thing.

Holy shit I can't believe there's people arguing about this yet

Except the interest rates were fixed so when the rates adjusted to the market and almost doubled people's mortgages a lot of people went under

>fixed interest rate loan
>rate changing
You wot m8?

I agree with you that it's a consumer's job, but it's this type of mentality that will let this shit keep happening. You can't compare any retail commodity to a loan or mortgage, my KFC today isn't paid over 20 years where god knows what will happen. Bankers are still people trying to make profit from their work, and many are ruthless, don't go pretending plenty of them don't take advantage of people. The average person doesn't know shit about handling money, and that majority is what will fuck up. I don't know if you know the of pain from losing your fucking home dude.

CAR Crashing AIDS SKELLY

People can't blame the banks because it was ordinary people taking out loans they can't afford. They don't have to take loans available to them.

The banks can't blame those people either because its their responsibility to gather accurate information about people's loan repayment ability before handing out their money. They might be able to blame the government for distorting the market however.

Seems like everyone needs to take responsibility from a conservative libertarian perspective.

They were presented as fixed rates, plenty of banks and institutions advertise their loan programs this way when it comes to subprime loans, and many were even doing predatory lending (no verification, bad credit, no jobs could get loans) to get as many mortgages as possible to sell to investors as securities. But it's more like the house's worth inflated which caused the interest rate to be affected.

Since these were new practices in the 2000's, they were able to convince investors that debt is profitable with old data, and that quickly went to shit. This made housing rocket in price, assuming that if they default the bank gets to keep your sweet new house. But when no one can afford these houses on top of people defaulting on their mortgages, the bubble popped, and by 2007 lenders were starting to go bankrupt and investors/the population were starting to get burnt.

>But it's more like the house's worth inflated which caused the interest rate to be affected.
Well yes and no. it would be the same interest rate, correct, but your mortgage would go up due to your house value going up -> property taxes.
It was definitely predatory the way these things were sold but people should do their research on how loans and property taxes work...
I see your point that poor people got fucked due to rising house property values which showed itself as an increase in the mortgage and not due to rates rising (which probably happened as well if they took a variable rate loan).
If people want to hand out Risky loans we shouldn't bail their asses out when default occurs.

you dont get a fixed fixed rate unless you have the full amount in cash my dude

read the fine print, it always runs out and then can easily jump 4-6% over base rates. this will fuck over most regular wage slaves