The Behind The Scenes Cronyism That Helped Plant The Seeds Of The Financial Crisis

financial crisis cc

Between the Fed and its asinine monetary policy, and the government and its asinine social policy, mix in a little greed unregulated by the market, and a financial crisis was just a matter of time. Incompetence, dream world thinking, and unethical business are a potent formula for economic dysfunction

(From Forbes)

CRL was inspired and funded primarily by progressive California S & L owner Herbert Sandler, who wanted Eakes’s work to have a national impact. (Self-Help now owns a ten-story building in Washington, DC, a few blocks north of the White House.) Sandler and his wife, Marion Sandler, made news in 2008 at the height of the financial crisis, because their bank had pioneered the “option ARM loan,” which the New York Times called the “Typhoid Mary” of the housing crisis.

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