Sunday, June 26, 2011

Credit is Due

I hadn't realized the extensive role of credit cards in the financial crisis. Apparently, credit card debt being refinanced into real estate debt was a major factor in many of the subprime loans made and then securitized and then credit default swapped and then synthetically swapped and whatever else banks wanted to do under the Greenspan system of bank regulation anarchy. I haven't seen many figures on any of this stuff. It would seem that there would be a definitive account of something so historically important, but it seems I can only read around the edges in all the books I have chosen to read. Maybe it's because I have intentionally stayed away from conspiracy theories. :)