by Nadeem Walayat, The Market Oracle:
Following the peak of the over leveraged US housing market bubble late
2006, the real estate market literally crashed during 2007 triggering
the financial crisis that has acted to subsequently feed a multi-year
bear market as a consequence of the subprime mortgage debacle that was
magnified globally via toxic CDO packages that literally risked the
bankruptcy of the whole global financial system starting in June 2007
when Bear Sterns bailed out one of its hedge funds, within a year Bear
Sterns would effectively go bust as JPM picked it up for about 5% of its
peak value that acted as a prelude to what was yet to come during 2008
for the likes of Lehman’s that prompted tax payer bailouts right across
the globe to prevent financial armageddon as the too big to fail banks
only slowly revealed the extent to their exposure to the toxic mortgage
backed securities in what amounted to the greatest fraud in history as
investors had been duped into buying junk that the credit rating
agencies typically rated as Triple A for a fee.
Read More @ TheMarketOracle.co.uk
Following the peak of the over leveraged US housing market bubble late
2006, the real estate market literally crashed during 2007 triggering
the financial crisis that has acted to subsequently feed a multi-year
bear market as a consequence of the subprime mortgage debacle that was
magnified globally via toxic CDO packages that literally risked the
bankruptcy of the whole global financial system starting in June 2007
when Bear Sterns bailed out one of its hedge funds, within a year Bear
Sterns would effectively go bust as JPM picked it up for about 5% of its
peak value that acted as a prelude to what was yet to come during 2008
for the likes of Lehman’s that prompted tax payer bailouts right across
the globe to prevent financial armageddon as the too big to fail banks
only slowly revealed the extent to their exposure to the toxic mortgage
backed securities in what amounted to the greatest fraud in history as
investors had been duped into buying junk that the credit rating
agencies typically rated as Triple A for a fee. Read More @ TheMarketOracle.co.uk
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