Dana El-Kurd

That's a shadow bank, by the way.

yep it's great so okay okay well coming back to this again right so we're talking about like what what causes 2008 and how how did these shadow banks like do this and the answer is that they've turned all of these mortgages into these like fake securities they can they can trade right they package them all together

And they find out something really crucial, which is that if they throw a bunch of loans that they obviously know are going to fail together and send them to a regulatory agency.

And by the way, all of these like bonds that they're issuing have like grades based on supposed to like how safe they are.

And they figure out.

Yeah.

And they figure out that they can send a bunch of really shitty bonds.

But if they package enough shitty bonds together, they could send them to the regulators and the regulators would have would evaluate some of them as being good.

And then you could sell the good ones to your pension fund.

Because they thought it was a good bond?

And it made money?

That's just lying.

And then, and then, yes, and yes, and then, and then, behind the scenes, right?

All of these fucking companies, all these shadow banks, all the regular banks, they're all doing these, they're all doing these credit default swaps, right?

So they're all betting on which ones of these are going to fail.

I'm putting all of these boys in timeout.

I'm going to put them in the bottom of a pit.

It's so evil.

And they start doing these, making these like even more complicated instruments, right?

Where now what they're selling to you isn't just the package of mortgages.