Jack Albrecht
Mar 25, 2021

I actually don’t “need” to read more. I understand how the financial crisis came about — in detail. From CDOs to liar loans. I know that there were two parties to each of those loans that went into default: a lender who took risk, and a buyer who took risk. I know that in 99.999% of the cases, the lenders — the banks — were bailed out, and in roughly 0.001% of the cases the buyers were helped.

I know about “too big to fail” and that that is a bullshit term invented to deflect argument. See Iceland for the correct response to fraudulent bankers and the 2008 crash.

Jack Albrecht
Jack Albrecht

Written by Jack Albrecht

US expatriate living in the EU; seeing the world from both sides of the Atlantic.

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