Kingsport Times News Friday, October 31, 2014
Regional & National

Why did banks make half-million dollar loans to people without jobs or income?

October 11th, 2008 12:00 am by Staff Report



While politicians and their legions of partisans are in a full-blown finger pointing mode attempting to fix or redirect the blame for the current credit, financial, subprime, political crisis many watching the fray are missing something.

What they're missing is the fact that before you can fix a problem is you have to understand what happened and why. That's no simple chore in this case because its roots and practices are complex and its easy to muddy the waters with partisan politics.

Earlier during this mess I recommended what I though was a compresensive examination of the who, what, where, when and why of the subprime mess. CLICK HERE for that report.

Now the same people have waded into the latest crisis to explain and explore the 36-hour period last month when the credit markets froze and why.

Here's how the report is explained by its producers: '"we explain it all to you. What does the housing crisis have to do with the turmoil on Wall Street? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money."

CLICK HERE for the full report and podcasts.




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