Posted 7 years ago on Nov. 4, 2011, 12:55 p.m. EST by SirPoeticJustice
from New York, NY
This content is user submitted and not an official statement
You know banks can loan out nine times the amount of deposits they have in members accounts. That means if they have ten dollars, they can go poof and type ninety dollars on a screen, loaning that "money" with interest. So the bank worker spent a half hour worth of work creating that "debt" but the single mother has to spend twenty years paying the bank. I do not see how anyone in their right mind could call that a loan.
While many causes for the financial crisis have been suggested, with varying weight assigned by experts, the United States Senate issuing the Levin–Coburn Report found "that the crisis was not a natural disaster, but the result of high risk, complex financial products; undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street."
We SHOULD take a lesson from Iceland:
At Least Have The Decency To use The Term "Debt Supply" Instead of Money Supply. Let's Be Honest.