Black Monday 2: Electric Boogaloo – Ep 808
The Peter Schiff Show Podcast
00:00
Why Did We Have a Financial Crisis?
Interest rates have basically been at zero for the last 12 years. During that time we inflated this massive housing bubble with sub prime loans and teaser raids, no dock and home equity extractions. We had a huge credit crisis because people borrowed money to buy houses they couldn't afford - then when house prices went down, they couldn't pay back what they borrowed. And now we had a financial crisis, because now the lenders were left holding the bag,. The entire crypto industry, block chain industry, is one gigantic malinvestment. All of these companies are going to fail. But there are so many companies and businesses that were allowed to expand and grow in hi people over the last ten years,
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