Excelent Summary of Wall Street's Role in Financial Crisis

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This is the best summary of the way that the pipeline worked in the mortgage securities market to crash the global financial system. The system worked like the market for illicit drugs. The loan originators were the pushers on the street whose behavior was overlooked by the "cops on the beat". The Wall Street banks packaged the toxic waste provided by the pushers and sold it to their "junkies" (otherwise known as valued clients) who were starving for higher octane product. The credit agencies were paid accomplices who certified that the high octane junk was indeed high quality. The entire pipeline was corrupt, but it was enabled and led by a handful of the top Wall Street banks who encouraged and enabled the pushers, and then lied about the quality of the product they sold to their junkies. To make matters worse the banks took out insurance on the junk that they sold so that got paid off when its junkies were sent to visit Betty Ford's for rehab.