On Mar 18, 9:06*pm, Mason C wrote:
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 --

There you go again - Spreading Liberal Fascist Propaganda Lies.
Everyone knows that if it wasn't for Barney Frank and his honey pot
Fannie and his gigilo Freddy, none of this ObaMa0ist Democrat DISASTER
would have occured.
Go back under your rock and sleep it off your 1960's Marxist hangover.