Comments by "prism828" (@prism8289) on "Joe Rogan - Matt Taibbi Explains the 2008 Financial Crisis" video.

  1. Annnndddd you’re about 70% wrong. For starters, the ratings agencies aren’t govt agencies. As far as them not knowing the toxic stuff they were selling, they knew. Just look at the senate trials where Carl levin interviews Lloyd Blankfein. The Countrywide Founder knew they were shit. Risk management people inside the firms were telling them it was shit. Wall Street chases the sub prime for the explicit reason they knew how much money was to be made. The inventions of MBS’s and Credit Default Swaps spread the risk through the entire financial system. The govt was pushed very hard to pull back regulation. Politicians pushed to take the cop off the beat, a total dereliction of duty. Much of the govt might have some blame, but Wall Street took a stick of dynamite and turned it into a bomb factory.
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  2. They knew. But for those who plead ignorance, it is because they were just making to much money to care. And it even began before Bill Clinton. The early mechanism, although they weren’t designed to be evil, just with the pure intent of making more money, began in the 80s.
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  3. He is wrong about no one wrote for normal people. Bethany McClean and her partner, she is a finance writer, but she goes to great pains to explain it simply and to begin way back when this was all starting in the 80s. This book is “All the Devils are Here.” She wrote the book on Enron. She broke the story on the Enron fraud. Also, Michael Lewis is an absolute master at writing simple. There are numerous interviews with him on YouTube about this topic.
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  4. Watch The Big Short. Aside from understanding, it is a great movie.
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  5. Simple rule: if the price is going up merely or solely because the price is going up, you have a problem.
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  6. You do understand this happened during Republican years, right? Right?
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