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Reply #11: The derivatives were a collateral benefit, but I don't think [View All]

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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-21-08 11:06 AM
Response to Reply #10
11. The derivatives were a collateral benefit, but I don't think
they were the primary motivation. They may been, but there were other, much more overt, benefits to be gained.

I don't think anyone really knew how explosive derivatives could be until Enron began playing that game in the very late 90s. Their implosion in 2000, just as the major housing boom was starting, may have provided the impetus for the bundling of MBSes -- move all these toxic mortgages off the banks' books as direct loans and make a fat profit off them -- but I don't think that was the original intent.

Much more likely, I think, is that the banks (a.k.a. all the boosh backers, pukes, etc.) saw the potential for massive foreclosures as a way of obtaining possession of the property and further enslaving the working poor. They do NOT, in fact, want anything even remotely resembling an ownership society as it was described. They wanted/want themselves to have it all.


Tansy Gold, who don't have much

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