Understanding the 2008 Financial Crisis, by RepoWatch

Mary Fricker • RepoWatch.org • October 20, 2012

When Treasury Secretary Henry Paulson said in September 2008 that he needed nearly $1 trillion to fix the financial markets, I knew subprime mortgages alone could not have done that kind of damage. Didn’t banks pool those loans and sell slices of the pools to investors? Don’t investors make and lose billions of dollars on the financial markets every day? Why were their losses suddenly landing in the taxpayers’ laps? Something else had to be involved, something hidden, something I wasn’t aware of, something dangerous.

Here it is.

What follows are (1) a definition, (2) a short article for beginners and (3) a story with much more detail.

Thanks for your interest.

Mary Fricker
Editor, RepoWatch

Read the complete article here.

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PBI News Alert: PBI BBQ Oyster and Beer House Party, 4-6pm, October 21, 2012, in San Rafael, CA

PBI News Alert • PublicBankingInstitute.org • Oct 20, 2012

If you live in the SF Bay Area and would like to learn more about public banking, please consider coming to PBI’s BBQ Oyster and Beer House Party this Sunday in San Rafael, from 4-6pm. Many public banking advocates will be there and will be able to provide you with information about the latest on public banking and the Public Banking Institute’s strategy for success. You’ll be able to meet with Ellen Brown, author of Web of Debt, who will provide everyone with an update on the material she is gathering for her soon-to-be-released book on public banking.

Please join us! If you wish to have the specific address, send an email to info@publicbankinginstitute.org and we’ll send you the invitation with the information you’ll need to attend. This is our first house party fundraiser, so please support public banking and enjoy the afternoon with other public banking advocates!

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