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What actually happened in 2008? (I was young)
From what I loosely gather (heard, not claim), it was something about mortgage loans lended to applicants who couldn't afford them or mortgage interest rates suddenly rising on already established homeowners (I'm not sure how that one would be, unless mortgages weren't at fixed rates).
I really don't know because "explanatory" (exculpatory) articles play hot potato and shrug, and I wasn't old enough at the time.
Anyone here know?
From what I loosely gather (heard, not claim), it was something about mortgage loans lended to applicants who couldn't afford them or mortgage interest rates suddenly rising on already established homeowners (I'm not sure how that one would be, unless mortgages weren't at fixed rates).
I really don't know because "explanatory" (exculpatory) articles play hot potato and shrug, and I wasn't old enough at the time.
Anyone here know?
@Ash_Kvetchum @grey I mean they mostly dance around it because the deal was infinity loans for negroes (the poor applicants, couldn't deny them because racism) then everything got bundled as 'subprime' loans. The bundles then got sold off or used as collateral for yuge loans and it just became a shell game with everyone pretending debt was money. Etc etc
@ForbiddenDreamer @Ash_Kvetchum @grey >everyone pretending debt was money
>bank notes are just a promise to pay from the government
errrrm guys… have we been had!?
>bank notes are just a promise to pay from the government
errrrm guys… have we been had!?
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