theprof00 on 07 October 2008
Flagship, banks knew that people were not going to be able to fulfill their debts, and they profited off of it. It has been proven, several companies that have gone under have said so, and others have been imprisoned for it.
The fact is, one of the major impedences of the sub-prime loan sharks was a decrease on usury regulation. Usury, loan sharking. I don't even know how legislation like that can be passed. "Oh loan sharking isn't so bad...... the market is rich, lets let wall street make a buck."
