The U.S. financial scams were huge! They were created by the ruling elite of U.S. capitalists. They were carried out through two government sponsored organizations called Freddie Mac and Fannie Mae. Hey, they were operating under the first commandment of U.S. capitalism: if you can make money, even if you are using illegal and fraudulent means, JUST DO IT!
The scams led to the biggest recession since the great depression. Millions of people lost their homes and their jobs. Thousands ended up having to sleep and live on the streets, since our capitalist constitution does not guarantee a minimal roof over you head.
Www.guardian.co.uk has reported the following: "US regulators have warned that taxpayers may end up absorbing losses of $363bn (£231bn) from bad mortgage loans – the latest sign that problematic lending practices that triggered the 2008 banking crisis continue to buffet the US."
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