Jamal1
MPA (400+ posts)
you identified good points but the list is not complete. your reasons 1,2 & 3 are actually discussed in HIS 2nd & 3rd point. Underlying reason was the bad loans aka subprime mortgages. now you can argue that's your point 2 but there are many layers to that so i think identifying the correct reason(s) here is importantI wonder if this molvi is is lying out of ignorance or out of some agenda! This is so not the cause of financial crises!!!! Top 3 reasons were: 1) Incorrect ratings of MBS by rating agencies, 2) Corruption by mortgage lenders, 3) Credit-Default swaps introduced by greedy bankers. :angryred::angryred::angryred::angryred::angryred:
We are living in the most prosperous times in the history of mankind and the current financial system has played a significant role in this stability. Today more people die because of overeating than lack of food. Average human age in the last 100 years alone has doubled. The list goes on..
yes we live in the technological advanced (modern times) but prosperous i dont think i can agree with that and the whole significantly stable financial system.