Friday, March 9, 2012

Mike Norman Economics: Randy Wray — The Financial Crisis and Shrek’s Onion of Fraud

Mike Norman Economics: Randy Wray — The Financial Crisis and Shrek’s Onion of Fraud:

'via Blog this'

Thursday, March 8, 2012

Randy Wray — The Financial Crisis and Shrek’s Onion of Fraud


Wow! Randy rails against mortgage fraud.

This is a must-read. Yikes!

Read it at Economonitor | Great Leap Forward
The Financial Crisis and Shrek’s Onion of Fraud
by L. Randall Wray

4 comments:


Dan Kervick said...
Wow. That's the kind of thing that makes me want to go grab a pitchfork.
Jonf said...
I'll get the torches. Someone get the rope.
Trixie said...
"All in all, banksters were in a “feeding frenzy” to create as many securitized pools as quickly as possible." ^This. I didn't work the front office but worked the back office hedging and securitizing these loans to get them off the books asap. The loan volume that came through on even a daily basis was at astronomical levels. Regulators looked the other way. It was a machine.
Chewitup said...
Tom, I think this gives strong credence to the generational aspect of the crisis (as you've alluded to occasionally in previous posts)

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