Quote:
Originally Posted by Relentless
How exactly did mortgage derivatives spur innovation or real economic growth?
|
Oh I don't know...why don't you ask the hundreds of thousands of contractors (and all the subcontractors that work for them), companies that make raw materials to build homes (and all their employees), companies that sell home building supplies (and all their employees), food and goods sales that went up from millions of people having more money to buy, new roads being built to service the new communities that were built (and all the workers who had jobs building them) and on and on and on.
You're not thinking clearly. Yes, the banks made money. And yes...so did everybody else in one way or another. People had jobs. They bought goods: cars, t.v.'s, stuff for their new homes, etc.
That is how the economy roars. And that's what will happen when the next big thing hits. Maybe it will be a new oil boom. Or something that hasn't been invented yet...but when it comes, the economy will jump.