Sorry... It was simply a handoff in the term limit expiration of GB Jr.
I have studied the 08 crash... just another bailout for the casinos / banks / investment houses and AIG insurance company. It was and still remains a ripple effect in the RE industry because home building took a 3 year break. The size of the equity theft has slowed considerable because time has passed and home values have risen. With abnormally low interest rates for several years now ( the lowest in history ) the bubble is being blown up again and it won't be pretty when interest rates get back to normal... normal being 4 to 5%. Just think about this as a you being a guy in the mortgage business... if interest rates for you to secure cheaper money than you resell it for... how much room is their to earn money when the fed is at a 1/4%?
Anyway... the printing presses continue to roll out the fiat dough and it appears we are going to reset records for national debt into perpetuity... what is it now? 28 trillion? What is the interest on 28+ trillion that is placed on the back of Americans to maintain? Its like 400 billion a year.... Over a billion a day...
The lenders love it... free money in a big book keeping operation that has no limits and no real money.
Obama was just following orders... the guy is weak on finance, however... he does know how the scam works. A big part of how the scam was destined to play out got relaunched in late 2000 as Slick Willy was walking out the door. Ole Billy signed the Commodities, Futures and Modernization Act of 2000. What that created was a way for investment houses to bet big on whether or not people would be able to keep paying their mortgages. As the bubble grew insiders started betting big on Credit Default Swaps and other complex instruments in which people could wager on the mortgage markets... John Paulson, a hedge fund manager with large holdings wagered big and made 35 to $50 for every dollar bet... He made like 3.7 billion in 2007 alone.
You can watch Hollywoods version of Wall Street mischief in the movie called "The Big Short" with that Steve Cantrell guy playing one of the lead rolls.... he is a torchored soul off the screen too! lol !
One of the things I do is help people buy and sell homes with my wife... when the construction industry died in 08 she said "get your license so you can work with me... you aren't doing anything anyway".
So... since that time I have learned a couple things about the history of mortgages and real estate.
To bad you can no longer see Steve Croft's report on 60 Minutes from 2008 called "The Bet That Blew Up Wall Street". It also gave us a quick peak in how it all went down.
I have told this story before right here somewhere... do you think I am full of shiitt when I say all of this historically recored history??