financial institutions quotes

The subprime disaster was a result of financial bombs – derivatives – exploding in financial institutions such as AIG and Lehman Brothers, as well as banks and financial institutions throughout the world.

Obama’s primary constituency was financial institutions. They were the core of the funding for his campaign. They expect to be paid back. And they were. They were paid back by coming out richer and more powerful than they were before the crisis that they created.

Before the 1970s, banks were banks. They did what banks were supposed to do in a state capitalist economy: they took unused funds from your bank account, for example, and transferred them to some potentially useful purpose like helping a family buy a home or send a kid to college.