It was actually 2008 IMO, but I suppose 2007 was the true start. Market c- https://boards.4chan.org/pol/thread/309458318#p309460296
Yeah what this guy said pretty much. To expand upon it, democrat policies from the clinton era helped lower class people get mortgages, mortgages they could not afford, but you know how dems think. So lenders had no problem selling these mortgages to them, after they were struggling to find better borrowers. Why did they have no problem? Banks would buy these subprime loans and throw them into bonds and leverage the fuck out of them. The ratings agencies gave them whatever rating they wanted (all you need to know is that they were considered investment grade, meaning basically you can't lose, as good as T-bills, so everyone from pension funds to personal retirement accounts, and foreign governments were buying these things). So when poors stopped paying their mortgages, and variable rates kicked in, these shit bonds started to fail, and remember the banks were leveraged 50, 100x over on these things, they were set to lose way more than whole banks were worth. They tried to offload these shit bonds onto regular people, shorted what they just sold, and then devalue the bonds to try to save their asses. It's fucked up. But it doesn't end there, because it didn't work for most. Some banks were shutting down operations, letting tons of people go, tons of people went homeless, pension funds and retirement accounts were destroyed across the nation, and every ripple effect from there. The government decided to use a few trillion taxpayer dollars to bail out the banks, while offering little to no assistance to regular people who just got obscenely screwed. Then the banks used the money for big executive bonuses and acquisitions. Then lobbied congress to shut down any reform. Cue Occupy Wall Street. This scared them. So they launch campaigns to get the people to fight each other instead. Now they're promoting fags and trannies and race fighting and so and so on.

