RIP Bank of America
RIP Bank of America
Out of context: Reply #34
- Started
- Last post
- 35 Responses
- ukit0
Financial companies and the government got carried away with greed. They created these ridiculous amounts of leverage and thought they could make money out of thin air.
This is pretty amazing:
Just in 2000, total amount of derivatives was less than total economic output of the world. Now it's several times the world total.
Credit default swaps based on mortgages, grew from almost nothing to being, by themselves, greater than total world GDP just during the last 8 years.
