A Look Back at the Great Financial Crisis of 2008

Automatic TRANSCRIPT

So in 2004, 5 and 6, you saw the housing boom, largely thanks to Fannie Mae and Freddie Mac. Thanks to the negligence of our own quote unquote housing regulators, cheap money policies from Washington, D.C., buying up bad mortgages and incentivizing people to do the same. We built an entire economic model on a House of Cards of people that were bar waitresses earning cash tips that had three homes, two of which they've never visited because people were incentive incentivized to go to low income neighborhoods and sign up people for as many mortgages as they possibly can. We all know what happened next, which was the great financial crisis, Lehman Brothers, bear Stearns, and for the first time ever, despite the insistence of Jim Cramer, those companies went under. In the years that followed 2008 and 2009, our leaders were faced with a tough decision. You see, the 2000s saw an economic boom the likes of which we never thought was possible. Now what our leaders decide to metaphorically take the cough syrup, tighten the belt, tell Americans that we're not going to indulge in this continual behavior of deficit spending and debt mounting on future generations, of course not. Barack Hussein Obama won the election in the fall of 2008 was sworn in in 2009 and Ben Bernanke then Federal Reserve chairman, Hank Paulson treasury secretary and Timothy Geithner under treasury treasury secretary three awfully treacherous people if you asked me all decided, hey, let's just keep interest rates low. It's not like we're going to experience long-term inflation. And then we saw a stimulus package passed by Barack Obama, a then 850 to $900 billion stimulus package. It was passed as the national recovery act after that Obama passed ObamaCare, a takeover of the American healthcare industry. Debts and deficits continued to sword, and then a couple years later, I started to get

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