"Look at what kind of poverty we've created around the globe"
Kind of seeing the glass 1/10 full aren't we? Look at all the wealth we have created across the globe! The scientific achievements!
Europe, Asia, South America, you name it!
"Amoralists such as yourself"
Please, don't be such a self-righteous ass.
"Capitalists are vultures, killing the weaker, the most vulnerable and the exploitable."
Anti-capitalists have killed and impoverished on a scale that is unimaginable. China under Mao, Russia and the Soviet Union, North Vietnam, North Korea, Cambodia, etc. etc. You really are naive, pumping your fist with your "Down with capitalism" chanting. Still rebelling against your parents and "the man"?
"The real reason for the "mortgage meltdown" is the "asset" bundling, re-working those loans into falsely advertised risks and then selling them to other institutions such as foreign banks."
No. The economy was running at full steam from the housing bubble. Prices rose higher and higher due to increased demand. People puilled equity out of their houses and bought stuff and things because they knew that the equity would be replaced. Those opurchases reated additional demand and prosperity in the economy.
Everyone rushing to buy with low interest rates and 5% or no money down loans. Do you think the free market was responsible for offering loans for 5% and no money down? Remember when you needed 20% down to buy a house? I do. What happened was the government mandated relaxed loan standards. Something the private sector, on its own and having to bear risk, would never have done. The government agreed to bear the risk at taxpayer expense. The reason no one was risk averse was because the government created an unsustainable demand curve under the guise of helping everyone get into a house. All the politicians (repubs and dems) patted themselves on the back.
If the government hadn't required sub-prime loans and guaranteed mortgage securities to begin with, the houising market would have chugged along with people buying $150,000 houses instead of $300,000 houses or not buying a house at all instead of a $150,000 house. They wouldn't have sucked out their equity to buy stuff and things. Banks wouldn't have offered low interest loans to people with 5% or no money down becase of the risk involved. No risk? No reason to verify income or ability to pay the mortgage.
I had clients who would pull the equity out of one house and use it to buy two more. They weren't worried because the demand, fueled by goernment policies kept prices rising.
No I was not in the real estate or banking fields but they were my clients. You can guess the rest.
