Everyone keeps preaching it was the poor people that bought homes they couldn't afford. Well here's the hard facts. The top 4 banks alone hold "$165 Trillion in notional derivatives and the associated credit risk related to $15 Trillion in Credit Default Swaps" and have just under 3 Trillion in actual assets.
http://www.globalresearch.ca/index.p...t=va&aid=12053
Think this is something new? No it's been building up for nearly 20 years
http://www.gold-eagle.com/editorials_00/ci091500pv.html
It is estimated that there are $1.4 Quadrillion in derivatives floating around out there
http://www.gold-eagle.com/editorials...itt061608.html
This isn't just a US problem. This is why the worlds economies are imploding and who's taking the blame? The people. Not the bankers who have created this mess.
What are Derivatives?
http://en.wikipedia.org/wiki/Derivative_(finance)
What are Credit Default Swaps?
http://en.wikipedia.org/wiki/Credit_default_swap