Wild West Banking
February 21, 2008The “sub-prime” and “Alt-A” mortgage crisis has its roots in an escalating real estate market along with wild speculation and the intense desire for profits at any cost. If you are not clear on the speculative bonanza that brought about the mortgage and banking crisis, I invite you to review this short video which covers Countrywide, the Northern Rock Banking Debacle and some of the speculations in banking. The failures rank from the bankers to the bond rating agencies to the money-lust of the investors. The bonds were seen as a “low risk” deal. Nobody scrutinized the bond rating agencies or how the banking packages were assembled. As seen over and over lately, the conflict of interest has been huge. In general, bank regulators have been clueless regarding the reality of the new internal banking instruments designed by the bankers to make a fast buck.
Observations and Commentary by Elvis Manning
The Credit Crunch and World Banking
The Fed and the Subprime Mortgage Debacle
The Great American Mortgage Scam
