The financial storm started from 2008 to 20XX (believe most of us feel we're now in the storm STILL) great recession is the phrase ppl love to use to describe the situation we're facing. "Subprime Mortgage", "Foreclosure" "Merrill Lynch" and "leman brother" have become THE phrases represent for year 2008-2010.
Economist, financial experts, government are all trying to fix what have happened while rest experts are trying to find out why is this happen?! Could we stop it if we did anything in advance?!
Have a look at the 576-page report released on last Thursday, you will be piss of cus those ppl who should be responsible for what had happened but now they moved to other department do the same job and some of them even moved to a better position, all in all they're unscathed!!
Bank left only a few capital for the potential losses. "By one measure, for about every $40 in assets, the nation’s five largest investment banks had only $1 in capital to cover losses, meaning that a 3 percent drop in asset values could have wiped out the firm." (quoted from the report)
So...whose fault?! The government who failed oversee this or those greedy banker with amazing gut?! Most important of all~~~ do we learn a lesson from this?! Based on what had happened and what are happening now.... i will say...apparently NO!! (yea yea~~~~ i know, the government is trying to fix it....but not good enough.. i must say~~~)
related new: Financial Crisis Was Avoidable, Inquiry Finds
