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| − | {{Event
| + | #REDIRECT[[2008 Financial Crisis]] |
| − | |wikipedia=https://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008
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| − | |image=Economic-death-squad-paulson-bernanke-geithner.jpg
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| − | |constitutes= fraud, banking crisis
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| − | |image_width=350px
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| − | |description="an evisceration of some banks by others...a cannibalistic binge billed to the [[tax-payer]]"<ref>https://web.archive.org/web/20100225033748/http://www.lewrockwell.com/rajiva/rajiva9.html</ref>
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| − | |start=2007
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| − | The '''Global Financial Crisis''', also known as the '''2008 Financial Crisis''', was systemic event that shook the global [[financial system]] during the period from mid-[[2007]] to late-[[2008]].
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| − | Many financial institutions (including [[Goldman Sachs]], [[Bear Stearns]] & [[Lehman Brothers]]) that had been responsible for precipitating the crisis were labeled as "too big to fail" by Treasury Secretary [[Henry Paulson]]<ref>https://www.sfgate.com/news/article/Feds-take-control-of-Fannie-Mae-Freddie-Mac-3270123.php</ref> and were provided emergency funding in the billions of dollars by [[American]] tax payers via the [[Emergency Economic Stabilization Act of 2008]].
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| − | This event saw the vertical integration of many financial institutions by [[JP Morgan Chase]] as many failing financial institutions were bought up by the company.<ref>https://www.usatoday.com/story/money/economy/2018/09/14/jamie-dimon-jp-morgan-memo-actions-financial-crisis/1304253002/</ref>
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| − | ==Official narrative==
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| − | Oh, naughty [[Lehman Brothers]] - well that just shows that some banks are "[[too big to fail]]". Anyway, this whole thing is history - check the [[Wikipedia]] page title: 2007-2008(!) ... we are beyond it now ...
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| − | ==Catalyst==
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| − | [[image:Global Financial Crisis.jpg|right|thumb|450px|A trader has a bad day in 2007/8]]
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| − | The event is considered to have been caused primarily by the foreclosure of thousands of [[subprime mortgage loans]] due the aggressive predatory lending strategies of many financial institutions, including the government backed institutions [[Fannie Mae]] and [[Freddie Mac]]. This was coupled with the wide scale [[deregulation]] of so-called "derivative" financial instruments that were used by companies such as [[JP Morgan Chase]] to "bet" against the potential failure of mortgage assets that they deemed "likely to fail".<ref>https://www.thebalance.com/what-caused-2008-global-financial-crisis-3306176</ref><ref>https://www.latimes.com/business/la-fi-financial-crisis-timeline-20180909-htmlstory.html</ref> However, it must be pointed out, given the structure of the mortgages and lending practice, that it was almost a certainty from the beginning that wide-scale inability to pay will set in at some point (the question of intent arises).
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| − | At the peak of the crisis, from November to December of [[2008]], [[Bilderberger]] [[Robert Rubin]] pocketed $126 million in cash and stock options during his one month tenure at [[Citigroup]] as CEO. <ref>https://www.theguardian.com/world/2014/apr/19/wall-street-deregulation-clinton-advisers-obama</ref>
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| − | ==Jail time==
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| − | [[Iceland]] was the only country that showed it's banking class that malice will be legally pursued.
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| − | {{SMWDocs}}
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| − | ==References==
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| − | {{reflist}}
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| − | {{Stub}}
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