The financial crisis was NOT caused by the government "forcing" banks to lend to poor people.
In reality, of course, the subprime bubble exploded because financial companies and banks were in a mad rush to get as many iffy borrowers into loans as quickly as possible – and not because they were forced to, but because they made assloads of money doing so.
Bailout Total $154 trillion - added to the U.S. Public Debt? - 666 Bailout! Federal Reserve Now Backstopping $75 Trillion Of Bank Of America's Derivatives Trades -
the bottom lines.... You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.
What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure. Note... Total $154 trillion - added to the U.S. Public Debt -
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