This video best explains what happened with the housing market and Wall Street in 2008. However, it does not mention that the reason the bankers, brokers and investors were able to do these deals is because of the repeal in 1999 of the Glass-Steagle Act of 1934 that prohibited this type of lending and investment bundling.
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
We must reinstate the Glass-Steagle Act in it entirety so we can prohibit the same thing happening again.
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