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Mason C

On Wed, 18 Mar 2009 18:30:39 -0700 (PDT), wrote:

There follows that tiresome canard about generous mortgages in the U.S.
causing the world collapse of the financial system.

The system collapses because it was a house of cards -- the cards were
phoney money derivatives of various sorts being used as speculation
tools. They and their market (if it can be said to be a "market") were
of unknown real value. When crunch came to crunch, the bankers
had assets of unknown (but inflated) value on their balance sheets.
A genuine audit (impossible) would show many of them to be far
more "under water" than any billion home owners. They had
blown up a vast bubble ($60 trillion maybe, who knows?).

Their bubble was pricked by the mortgage devaluations.

Mason Clark
*Greater America in the Age of Rebellion*
http://frontal-lobe.info/greateramerica.html
-- many excerpts you can see --