{"id":929,"date":"2010-05-11T11:23:02","date_gmt":"2010-05-11T15:23:02","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=218"},"modified":"2018-06-10T10:58:22","modified_gmt":"2018-06-10T10:58:22","slug":"the-big-short-how-wall-street-destroyed-main-street","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/the-big-short-how-wall-street-destroyed-main-street\/","title":{"rendered":"THE BIG SHORT \u2013 HOW WALL STREET DESTROYED MAIN STREET"},"content":{"rendered":"<p>Day after day, bankers have been paraded before Congressional committees regarding their role in the financial crisis which\u00a0brought the financial system to the edge of the abyss on September 18,2008. Every one has claimed that they were not responsible in any way for the disaster. They blame once in a lifetime circumstances that no one could have anticipated. It was a perfect storm and they had no way of knowing. These Harvard MBA Wall Street geniuses, who collected compensation in excess of $100 million each before the collapse,\u00a0 had no idea what was going on within their own firms. Ignorance and stupidity is no excuse for losing a trillion dollars. The truth is that the CEO\u2019s of all the Wall Street banks encouraged a casino culture of greed and gambling. The generation of fees became the sole driving incentive for every firm. It started with collateralizing subprime mortgages into packages of mortgage backed securities. Then they created\u00a0Credit Default Swaps as insurance on these mortgages. When they ran out of chumps to put into houses, they created side bets with Credit Default Obligations that didn\u2019t require an actual homeowner.<br \/>\nThe fees generated by creating this crap were incomprehensible. The Masters of the Universe were taking home pay packages of $25 million and weren\u2019t satisfied. They only made one small mistake. They deluded themselves into thinking the crap they were selling to suckers wasn\u2019t actually crap. They ended up buying their own toxic paper. Even though they knew that the ratings agencies were basically whoring out AAA ratings for fees, they believed that AAA rated securities they were buying\u00a0and insuring weren\u2019t actually worthless. They didn\u2019t understand that they had created Frankenderivatives.\u00a0Author Michael Lewis has done a fantastic job making this sordid tale of greed understandable to the common person.\u00a0\u00a0<br \/>\nRead rest of article here&#8230;<br \/>\n<a href=\"http:\/\/theburningplatform.com\/blog\/2010\/05\/10\/the-big-short-how-wall-street-destroyed-main-street\/\">http:\/\/theburningplatform.com\/blog\/2010\/05\/10\/the-big-short-how-wall-street-destroyed-main-street\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Day after day, bankers have been paraded before Congressional committees regarding their role in the financial crisis which\u00a0brought the financial system to the edge of the abyss on September 18,2008. Every one has claimed that they were not responsible in any way for the disaster. They blame once in a lifetime circumstances that no one<span class=\"read-more\"><a href=\"https:\/\/www.themorganreport.com\/blog\/the-big-short-how-wall-street-destroyed-main-street\/\" title=\"Read More\">More<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>THE BIG SHORT \u2013 HOW WALL STREET DESTROYED MAIN STREET<\/title>\n<meta name=\"description\" content=\"THE BIG SHORT \u2013 HOW WALL STREET DESTROYED MAIN STREET\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.themorganreport.com\/blog\/the-big-short-how-wall-street-destroyed-main-street\/\" \/>\n<meta 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