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Dr. Kalinda Rose Stevenson
Banks’ Self-Dealing Super-Charged Financial Crisis
by Jake Bernstein and Jesse Eisinger ProPublica, Aug. 26, 10:09 p.m.
Over the last two years of the housing bubble, Wall Street bankers perpetrated one of the greatest episodes of self-dealing in financial history.
Faced with increasing difficulty in selling the mortgage-backed securities that had been among their most lucrative products, the banks hit on a solution that preserved their quarterly earnings and huge bonuses:
They created fake demand. Read more
Sphere: Related ContentTags: bank, bankers, banking, cdo, cdos, collateralized debt obligations, financial crisis, foreclosure, housing bubble, lending, money, mortgage backed securities, mortgage bonds, mortgages, subprime, subprime mortgage, Wall Street
When Creative Financing By Banks Gets Out Of Control
What is the basic cause of the financial crisis? It is the process called creative financing, because creative financing creates money. Creating money is different from mining for gold or drilling for oil. Mining and drilling seek to find something that already exists. But money cannot be discovered the way that gold or oil can be discovered. Money is an idea of value and is created in transactions. Read more
Sphere: Related ContentTags: bailout, banks, banks create money out of thin air, creative financing, financial crisis, money, real estate
Why Money Itself Is The Underlying Cause Of The Recession
Money itself is the underlying cause of the recession. Although you will hear many explanations for the economic meltdown, few explanations analyze the role of money itself in creating the problem. Instead, analysts blame a long list of usual suspects, including irresponsible consumers, greedy bankers, and corrupt government officials. However much truth there is in these explanations, the ultimate cause of our economic crises originates from the nature of money itself. Read more
Sphere: Related ContentTags: creative financing, currency, economic stimulus, Federal Reserve notes, money, No Money Limits for Real Estate Investors, notes, recession
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