Quote:
Originally Posted by tisonlyi
The subprime debacle was a symptom, not a cause.
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I know. See?
Quote:
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Originally Posted by Willravel, the wise
That said, the collapses were certainly hurried along by economic factors such as the sub-prime debacle.
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Hurried along, not caused by.
Quote:
Originally Posted by tisonlyi
The cause was massively over-leveraged banks and hedge funds pushing incredible numbers through each and every facet of each and every market with the intention of gaming/cornering/etc, which they were allowed to do because of irresponsible deregulation, which was pushed through due to hopelessly corrupt political systems in the heart of most of the world's financial centres.
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Actually,
this is a symptom of developing an economic system around rewarding greed instead of contributions, competition instead of cooperation.