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this post was submitted on 14 Oct 2024
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Well, the thing is, this is exactly what led to the housing crash of '08. Back then it was because the banks were pushing people into it (and then selling the bundled loans as better rated than they were, where inside investors bet on the loans failing). If this is what's happening now, it's certainly because the banks are enabling it again. That would be insanely stupid of the banks after what happened in '08, but somehow we've gotten stuck in the stupidest timeline, so...
Would it be though? Leeman fell, but then we started with the "too big to fail" bullshit and gave a nice lesson to the bankers that we'll be here to bail them out should their greed take them too far. Only Joe schmoe should suffer the consequences of their actions, not the ownership class naturally. :/
Washington Mutual didn't get bailed out. The feds forced Chase to buy their accounts, making it less dramatic than Leeman.