Wiki-3

Wiki posting #3 **DUE FRIDAY MARCH 9TH!!** __In your writing for the wiki please include information from 2 sources, the documentary Inside Job__ __and one of the links below.__ This American Life's Inside Job (separate from documentary, same topic) This American Life's Inside Job - Audio (first 40 minutes only) Pro-Publica print article about Magnetar hedge fund Magnetar - follow-up! PBS, Frontline, Inside the Meltdown Bernie Sanders on current spike in gas prices (Feb 2012) Katie Couric Interviews Director of Inside Job, Charles Ferguson (36 min)
 * Wiki3-page2**
 * Wiki3-page3**
 * What do these stories reveal about inequality and abuses in the financial system?**
 * Why is it important for us as citizens to be informed about the crisis of 2008?**
 * Trailer for Inside Job (2 min)***
 * 1. Planet Money's Toxic Asset (3 min)***
 * 2. Before Toxie Was Toxic (4.5 min)***
 * Toxie's law suit - Sept 2011 (18 min)**
 * 3. One more link for Toxie, NPR's toxic asset (4 min)***
 * 4. Bernie Sanders on the Occupy Movement**

It is very important for us to understand what is happening in the economy, although many are unaware. Many people knew about the financial crisis that occurred in 2008, including the FBI, but did nothing about it until it was too late. People that are unaware put a lot of trust into banks and investors, when dealing with investments you must be educated and keep up to date with investment. It is important to learn about the financial crisis of 2008 so it does not happen again and if it does we can catch it earlier and fix the problem before it gets as bad as in 2008. (Heather Poochigian)

We set our trust on a couple of highly educated people that have the power to either help or destroy our economy. Destroy it is exactly what these people did in the past couple of years. One of the main reasons for the recession is the hedge fund Magnetar Trade and bankers such as JP Morgan chase. “The hedge fund bought the riskiest portion of a kind of securities known as collateralized debt obligation… and placed bets that portions of its own deals would fail.” Magnetar was betting against the mortgage-securities they were selling to banks and banks were selling them to investors and failed to inform its investors. The trust and power Americans entitled these corporation is what led to the stock market crash. The video we watched in class helped open my eyes reality and made me realize that our country isn’t as great as I thought. We live in a cut-throat, corrupted world were people will do anything for a couple of bucks. It’s important to be aware of what these large corporations are capable of in order to help prevent a recession from occurring again. Enrique Silva

I just watched pieces of PBS, Frontline, Inside the Meltdown, and I thought it was very interesting to see the processes in which our leaders and their advisers partake in when deciding our nation's future. In the crisis of 2008, they held a mandatory meeting with the President and his advisers about the financial crisis, and Paulson and Bernenke were trying to persuade the committee to give them money to bail out the mess that the banks had gotten them into. Paulson said, "Unless you act, the financial system in this country will melt down in a matter of days,"(Frontline). The crash of the housing market created fear for many people. Watching these interviews, as well as Inside Job, were very enlightening. Inside Job definitely opened my eyes and made me more aware of the decision makers of our economy, and how they directly make or break it. I found it very troubling that many of the president's financial advisers are former members of the financial systems that were responsible for the crisis. These stories reveal that there was an extreme amount of abuse of the system happening in terms of the financial system. The abuse of the system got so bad that even the FBI investigated mortgage fraud and inflated appraisals. The entire system has become very corrupt. Everyone was in on the crisis from the rating agencies to the banks, and investors. It is critical for Americans to be informed about the financial crisis in 2008. I personally was completely unaware of all of the factors and activities that contributed to the crash, as I'm sure many other Americans are. Understanding the financial crisis our economy faced and is still facing, is extremely important because it educates us on what went wrong, which in turn, can further our knowledge and capabilities of improving the issue. The more educated we are, the more likely we are to understand how change is possible, as well as how we can achieve reform and make a difference. I think the main problem with our system is the top 1% keep getting rich, while the poor keep getting poorer. Because the top 1% make an excessive amount of money in comparison with the average American, the chances of our economy improving are very slim and the process will be a long one. It's very hard to decide what would be the best way to improve our financial system because I don't have an amazing knowledge of economics, and I have trouble understanding these issues. It's easy to say that we should eliminate the people in charge, and appoint new advisers, but unfortunately, there are many other people willing to take their place and potentially do a WORSE job than what is being done now. I think that the distribution of income between the top 1% and the rest of the country plays a tremendous effect on our economy. I feel that the distribution of wealth should not be as divided as it currently is. (Gabby Clyde)

So, I just read This American Life's Inside Job, and I must admit, I still don't understand a lot of the economics involved (I'm not good at economics...period). I think it is important that we as citizens try to comprehend what's happening with our banks and what's happening on Wall Street, however, these terms, the flow of money, and what just gets created out of thin air can all get confusing. Reading this article helped me understand a lot about what was happening with the CDOs being created from sub-prime mortgages and the betting that often occurred against these CDOs under the equity tranche. It is amazing to me how something like Magnetar can bet on the very CDOs they had invested in. It seems crooked to me that Magnetar had the means to control how they made money by just betting on something that was almost always inevitable. I loved the part of the article that talked about the distinction between hedging and betting. "And that is exactly what Magnetar said it was doing, being a classic hedge fund. By buying credit default swaps on the CDOs it was helping create, it was simply protecting itself if something unforeseen happened to them. The problem with figuring out whether it's a bet or a hedge, is that the action of betting and the action of hedging look exactly the same. The only difference is intent." Intent!? I feel like intent is something anyone could easily cover for. The article goes on to explain the clues that gave Magnetar away, but if our markets are balanced on such ambiguities such as 'intent,' then I'm a little concerned. After reading this article and watching the documentary in class, I'm now more aware of the type of people who have their hands on the world's currency. I fear for our economy. Where is our money going? How is it being spent? Who's gaining and who's losing in our society? I'm not very educated on this subject, so this Wiki is definitely going to be my weakest, but I do know the emotional connections I have to the information that I've learned about the crisis of 2008. If more people were aware of these issues, perhaps they too would have a strong emotional response to what is happening. [Matthew Freitas] (Matthew, you just made my day with this post! Thanks for posting so early... ~Dr. Schettler)

I can honestly say that before we started watching Inside Job, I was absolutely clueless about what had taken place in 2008. But after watching the Inside Job movie and watching the short clip about Toxie, I do not know how people can clean out someones entire savings and investments with empty promises and sleep at night. I feel that there is no difference between the common thief that is sitting in jail and the men and women who walked away with millions of other peoples money. The inequality that is seen in the financial system is not fair at all. How can anyone tell children that it is bad to steal when grown ups are doing it and there are no repercussions.The biggest thing that boggles my mind is how the government was kind of brainwashed in believing that what these agencies was doing was good because they had degrees and 'knew what they were doing' and said that 'this area was far to complicated for them(government and us)'. I feel that it is important for us citizens to know about what is going on so that we are more cautious and aware of what we are putting our money into. I think it is pertinent that we do not be afraid to say no and to be skeptical of something after all it is our money or our lives that will be messed up if we fall into the same trap. That also goes for us when we are looking into buying a house we should not get over our heads and jump into something if we know that in the future we will not be able to pay for it. (Mariana Mojica)
 * What do these stories reveal about inequality and abuses in the financial system?**
 * Why is it important for us as citizens to be informed about the crisis of 2008?**

What is revealed about the financial system is that we are potentially ran by a manipulative, corrupt, and greedy financial system. The financial system is one where the wealth and money are the primary focus. Borrowers and their benefits are tossed out the window and only there for "picking up the tab." We need to be aware of the financial crisis and keep it from happening again. We spend our life working for a simple dollar, but know nothing about who deals with it in the end. It is important to know what you are getting yourself into when you buy a house. It should definitely be a more "BIG" decision when it comes to the housing market and purchasing a home. (Jodi Gongora) It is important to understand what occurs in our financial economy, but even with that said citizens in our society including me have this lack of knowledge following any financial systems as a whole. The crisis that occur in 2008 was happening before then, FBI knew since 2004, but didn't do anything until the crisis became much more critical. Us as a society were unaware that none of this was occuring before then, and its simply because the lack of education we have dealing with financial situations. We put our trust to these investors, because we feel that this is in their field of expertise and only good would come from trusting these investors. These people are money hungry individuals and feed off of innocent people who are just simply selfless and vulnerable to say the least.I feel that if we had more resources that would educated about financial systems, things wouldnt seem so hard for society understand when a crisis like this might occur again. (Yanira Barrera) These stories reveal a lot of abuse that I was really not aware of. The investors, companies, and banks or whoever else played and bet with citizens hard earned money. Money used for retirement, emergencies, or a family's savings. Many people lost a lot of their livelihood because these investors contracts, transactions, or deals were not regulated. The powerful became more powerful and the rich even richer while others are trying to make ends meet. Citizens need to be educated with what is happening and where their money is going. Citizens need to do research before investing, buying a house, or whatever else that involves their money. Always know where your money is goingA possible potential solution would be to regulate but who could we really trust to do that? Deregulation is abuse and regulation is clearly opposed by those who are in wall street. The abuse caused by all these complex investments or mortgages is causing a huge gap between the rich and the poor. A middle class ceases to exist and this in turn causes inequality. The investors are money hungry people who get rich off of an average person's money. (Leila Alawad)

Almost immediately, there is a clear distinction between those that ultimately hold the power to manipulate the financial blanket and the majority who are at the mercy of their tethering. This chasm of inequity threatens to unravel what little canopy the global market institution has left, still yielding to the puppetry of the financial corporations from which this very problem stems. Reproach from political figures at the credulous manner in which financial companies have conducted their business evokes a need from the public for these companies to acquiesce and atone for what can be considered robbery on the grandest scale. The bubble, as described in //Inside Job//, was a creation due in major part to blatantly false credit ratings and predatory lending. Money taken from the working class by palms painted in avarice. Barbarous buy-ins and the lack of transparency and understanding of the financial system as a whole provided an ideal medium into the foray of high risk investment. The consequence of which torrents down to the consumer, who unknowingly provided the seed money for these companies to gamble with. Monetary misgivings aside, these stories ultimately reveal the receding confidence in this, our very own economy. Countenance that the lack of regulation arises from the use of the word, “private.” The need to reform and redesign has never been more effectual. The importance of citizens to become informed with the happenings of their money emanates from the sudden realization that we as a country have failed and let financial corporations carry on this way unabashed and unrestricted. Free to form for the sake of their own financial benefit, not ours. The questions all too obvious now would’ve been curtailed during the infancy of this financial crisis. And to those who saw this coming, the Gordian form to which the financial network has cloaked itself in entertains only the smallest of those who can decipher and interpret it to the masses. This is a problem enclosed in jargon and lost in translation. The importance of knowing has to cross the divide of America’s shrinking middle class. And though many are wanting, those who can aggregate the pieces of the U.S. economy are seemingly very few and far between. Unfortunately, the call to reestablish what once was in a sudden dynamic equilibrium is farfetched than even occupiers hope. The resolution to economic downturn resolves itself over the span of years, likely decades, if ever at all.

- Ken Cadiente

The stories from Inside Job and Planet Money's Toxic Asset reveal how the abuses in the government and on Wall Street have created more inequality in our society. Their use of manipulation, hungering greed, and the ability to take advantage of societies weakness, lack of understanding in financial markets, has given them an unlimited, almost absolute power which has crumbled the foundation of our economy. Our economy is a product of the financial institutions which provide services to our community, our neighbors and the people who run the companies. Not only have companies such as AIG, Lehman Brothers, and Goldman Sachs, to name a few, taken advantage of us, the US citizens who work hard to make a living, who are concerned about being able to sleep at night in their own home with their families, but they have also torn down the structure which held our economy up. Sitting at the bottom of the wreckage, covered in the heaping piles of toxic assets, our economy stood still for that moment to reflect on the severity of this reality. The importance of the crash of 2008 is to realize that just because AIG, Lehman Brothers, and Goldman Sachs were the major players that contributed to the downward spiral of events, ignorance is not bliss. Granted, people's idealistic views towards gaining wealth during the housing boom were vast and the market was making the attainment easier, it didn't assure stability. As the major players embraced the flood of mortgages being purchased during the housing boom, they bundled hundreds of thousands of them into securities to sell to investors. Towards the end of the boom, people's idealism and reality had a disconnect, and a majority of homeowner stepped away from their mortgages because they couldn't face the responsibility they held. In the end, not only did the homeowners suffer, our neighbors, investors, financial corporations, and economy suffered because so many people cannot face their poor, uneducated, decisions. [Amy Tucker]

These stories reveal the amount of inequality and abuses in the financial system. From watching Inside Job and the Toxie videos in class, we learn that there is a casual relationship where the abuses caused the inequality making the rich richer, and the poor poorer. This created a growing gap between the super rich and the middle class, which is collapsing. Those working Wall Street are filled with greed and will do anything to manipulate potential investors. The rich became rich by taking money from the poor, money they do not have to give up. These people are so cold that their actions led to the crisis in the financial system. It is important to be informed about the crisis of 2008 in order to keep it from happening again. We are able to learn from our mistakes, and although many Americans may not like it, we have learned that it is increasingly important to regulate Wall Street. Laissaz-faire obviously got us into this mess. We need to become more aware of what we are doing with our money and become suspicious of Wall Street’s motives. They have their own best interests in mind at all times, rather than yours. They think about themselves first and you second. Any investments you make they can bet against it, so think twice before you invest because they may be setting you up to fail. We need to learn where our money is going and what is being done with our mortgages. What is the official process? We need to become more educated about the financial system to keep this from happening again. Wall Street finds uneducated individuals and manipulates their trust for a profit. (Nicole Peck)

Full disclosure; I don’t know anything about economics. I have no investments, I have no stocks or bonds—Hell, I don’t even have any student loans. I live an almost entirely cash-based existence and that’s the way I like it. It’s not always convenient, but it’s always //simple.// I know what I’ve got, I know where it is and I know where I can get more when I need it. The concept of finance on the complex scale we’re talking about here is just totally beyond my reach. I don’t like to gamble and I can’t imagine the kind of sociopath it takes to gamble with somebody else’s money the way Wall Street seems to. What I gathered from the documentary and from these other links is that people //did// see it coming but nobody really did anything about it—and those who did speak up where silenced. Frankly, I don’t believe Angelo Mozilo for a //moment// when he says,//“//S&P and Moody's didn't see it coming. Bear Stearns certainly didn't see it coming. Merrill Lynch didn't see it coming. Nobody saw this coming.” (http://www.thisamericanlife.org/radio-archives/episode/405/transcript) I don’t know enough about it to defend my belief at this point, but I simply refuse to believe that //nobody// saw it coming. Didn’t Brooksely Born see the potential for something disastrous? It sure sounded to me like Charles Morris, among others, saw it coming.

As far as potential solutions go, I don’t really have anything to offer. It seems ridiculous to allow the same people who caused the problems to continue in power. Katie Couric’s defense of Obama sounded a little weak to me; I’m sure there are brilliant economists out there who //didn’t// have a hand in the crash of 2008 who could have been appointed. Insecure? Needing leadership who “understands the problem?” He’s the President of the United States of America! Grow a pair and appoint somebody who isn’t a Wall Street gangster. The only solution I can see is to have informed voters who vote the right people into office—but even that isn’t really a “solution.” It’s been said that nobody capable of winning an election should be allowed to do the job, and I’d be inclined to agree. I very much doubt that the kind of person it takes to win an election is somebody you actually want to have in power. When push comes to shove, I’m sure they’d chose to save their own skin before they think about what’s good for the people who voted for them; it’s just human nature… I guess what really amazes me is how shocked we all are when humans with power behave //exactly// as you’d expect humans with power to behave. It makes sense to me that we need to introduce some checks and balances in our financial system the same way we try to prevent any single branch of our government from becoming too powerful, but how could a system run amuck impose checks and balances on //itself—//or better yet, why //would// it? Again, I don’t know that I really understand any of this, I’m just thinking out loud… I suppose the bottom line is that on some level, we will always be the small business owner with a trusted bookkeeper described in //This American Life//; there will always be somebody with inside information, and there will always be the chance that they’re use that power against us. (Ian Loveall)

Inside Job and Plant Money Toxic Asset shed light on the abuse that has taken place and without regulation will continue to take place. People in authority on wall street have been dishonest and untrustworthly and all at the expense of others. This abuse that is taking place has had a domino effect and has cause an inequaility, the rich get richer and the poor get poorer and the middle class gets depleted. The rich are not paying the price they still live in luxury it the middle and poor classes that pay the price literally. The dynamics of the situation make it a very complex problem. One of of the biggest problems is that the average person has not been educated about what is going on in the financial world and this lack of education has lead to people to unknowning placeing their money in the in the hands of dishonest people. They may believe that they are investing that money in one thing but in reality their money to being "repackaged" in a sense and being reinvasted. The decision that are being made behind the sences are being made without the people best interest in mind but rather the best interest of themselves. Which leaves us the people who are paying the price with questions, who can we trust and how can be make a change? This is not an easy question to answer and the damage that has been done has not only effected the ecomony but it has had a direct effects on families losing there homes and livelihood. (Emily George)

These stories reavel that business men/rich class are getting paid more and getting richer, while the middle class is being completely wiped out. These days we don't have a middle class, its just the wealthy and the working class. According to Inside Job, some of those men who were in power when we started to decline are still in power and some have even been given important jobs. The financial system is going to continue to be abused if we do not make sure that those same men are still there and keep making the decisions. It is important for us to be informed so this won't happen again in the future. If we obtain knowledge of what happen and find a solution then the next time it happens we know how to deal with it and how to fix it. Jazmin Anguiano

The American's Life Inside Job and Before Toxie was Toxic reveals how Wall street businessmen corrupted our financial system by knowing how to play the game well while the American society trusted them when everyone said "This is the time to buy a house, it's such a great investment for your future when they can only be much more valuable than they are now." Yet, they didn't inform society that they were playing a game of monopoly that we couldn't be a part of because we were the pawns and they didn't allow us to read the rule book before it started. The wealthy has wiped out the middle class and most are still in a high position of power because a lot of wall street people work for the government and overlook these issues, when in fact, those men should be brought to justice. The situation has revealed that people with money can get away with something so devious that has made this whole nation fall to its knees and has affected other nations as well as long as they are connected to the right people. Yet, if a person of the middle class were to try something like this, they would be brought to justice because in the end they don't have the means or connections to get away with it. I think as citizens, it is vital for us to be informed of this crisis to try and avoid other crises. Instead of becoming the pawns of the game, we can be the banker and realize where our money is going to and what properties or squares we should buy/invest in. I also believe, that the government should get back to being "for the people, by the people." If Iceland's banks are doing so well and have never experienced anything like ours, it is because there is regulation by the government. If we continue to keep trusting in our government, being negligent, and do not push for regulation, so that we the people do not have to undergo these circumstances again, then we are giving those men the power to repeat what they have done and get away with it. Pita Salazar
 * What do these stories reveal about inequality and abuses in the financial system? **
 * Why is it important for us as citizens to be informed about the crisis of 2008? **

---"Inside Job," was clearly an awakening and jaw dropping film that made me more aware of how messed up our economy system really is. Inequality has always been an issue but as large corporations become larger the more the gap between classes widen. These stories of morgage fraud, large corporate bail outs and the financial bubble that eventually popped only made matters worse. I came to learn the larger the company, the safer they are if they make an accident like financial fraud. These corporate business are to important and if they fail they send us into a huge recession. Unfortunately this is exactly what happened in 2008. If we allow greedy men to deal with large sums of money, what makes us think they won't steal it. This only broadens the gap between classes, pushing the higher class to elite statuses and pushing the middle class to lower. It is very important to be informed of these issues in our economy, because as a young adult my future is at hand. I remember the huge house bubble market and knew many that bought houses and turned them. I was unaware of the CDOS and how faulty they really were. Inside job made me more aware but after watching the short film of Proxy, i felt more informed. I now know if this happens in my future there are certain signs i can pick up on. Unfortunately, like the Elite corporations said, i do not understand the mass amounts of paper work and i only hope i do not fall into the cracks were the sharks live. I have no idea how we can fix this issues of having greedy, powerful men controlling our financial system other than riding it of them. Of course it's never this simple. The inequality is classes need to change, and we need to have a balance in order for our system to work properly. I only hope that in the coming years we will learn from our mistakes and my generation will remember the recession we went through and never turn to the greed that wall street is revealing. (tasha)

These stories reveal a lot of the hidden troubles behind the financial collapse. The inside job documentary gave us faces to the names of the people responsible. The documentary also reveals the abuses that were done but the ones committing the abuse were aware of what they were doing. The “Toxie” cartoon helped explain things for those who truly do not understand what happen and more importantly why it did. It is important for people to know what is going on so that they make better financial decisions. It comes down to being educated about investments, banking and mortgage decisions. “Toxie” shows us how the problem starts which indirectly tells you what not to do. People who do not know (first -time home buyers) see the inequality; they get taken advantage of by financial consultants. (Deshawn L)

The stories above, Like Inside Jobs and Planet's moneys toxic asset, inform out society about the realities that most are unaware of. Banks, investors, and different companies have been playing and betting the common peoples money. Including Wall Street and the government, which has increasingly caused more inequality in our society. These citizens have lost their money for family savings, retirement, and different emergencies that happen daily. Not to mention these people that have lost the most have worked for it hard and long hours to be able to save it for times in need. Most of all, these deals within transactions, deals and investor’s contracts were not being regulated. While the rich were becoming richer the middle class was almost becoming nonexistent. It is very important for the citizens to become educated before investing in anything like buying a house, etc. Since we do not really know where our money is going to end up, who can we really trust with it at the end of the day. Deregulation was a factor and regulation in Wall Street was not agreeable. This manipulation of investments and mortgages has caused a gap between the rich and poor. This issue proves that there is a problem with the businessmen that think they can walk away with all of the average citizens money. Therefore, the average citizens in to become more educated before investing large amounts of money and learning from history’s mistakes can help as well.(Alina Abbate)

I willingly admit that prior to watching Inside Job and learning about Toxi I knew almost nothing about the market crash of 2008 or about Economics in general. What stood out the most to me is the fact that already wealthy business people set average Americans up to fail knowing all the while that their financial firms would benefit even if homebuyers went into foreclosure. Yes, banks are businesses and successful businesses turn a profit, but at what point does profit supersede responsible choices. Bet on horses or cards if you like, but betting that others will loose their homes unethical. I don’t know what it would take, but there should be stricter and enforced rules regarding what a person can gamble with and what they can make a profit off of. While the field of economics is not one that I find particularly riveting, I have learned that is important to understand how our financial system works. Knowing that banks are businesses we must be proactive in assessing scams and too good to be true deals that may cause more harm than good. In order to prevent another crash we must see it coming a long ways off and take action to right the issues before they bring about large scale economic hardship. –Chantelle Schneider

These vital stories indicates how unequal the financial system truly is. From watch inside job I have realized that in the US the rich only gets richer, and the poor only gets poorer. The system is not set up for individuals in the inner city to excel financially. This just divides our nation more between rich and poor. Wall street is faulty and felled with a lot of negative activity. The rich only maintains their wealth by stealing the little money the poor do have. This is what led to the crash in the financial system. It important for individuals in the middle class are inferred about the crash in the financial system, because they are the next targets. We as Americans need to be more aware of where we put and invest our money, because the government is on on stealing from the poor. Every individual is in Wall Street is not smart, but a good amount of individuals are trifling. They think of themselves, rather then thinking of whats good for the people. This will only lead to negativity. ( Jerry Brown)

The stories from Inside Job and the links show how corrupt and abusive the financial system truly is. The people with all the power, the people with all the connections and the people with all the access are the people in charge and work with each other to benefit their personal agendas. Instead of protecting investments entrusted upon them they found them completely irrelevant and disregarded them like trash. Only looking out for their own well beings they irresponsibly threw around people’s lifelong savings, investments, and handwork. The rich continued to get richer and the middle class started to get poor. Greedy and manipulative people abused the system and lied, stole, and cheated millions of people. It’s important to know and understand what and why the crisis of 2008 occurred so we can take necessary actions to ensure that we don’t make the same mistakes. I would have never know that any of this was taking place without watching the Inside Job. This just proves how powerful the people are that are incharge because they are able to alter and control the information the public is aware of. (Sarah Pino)

The issue with the financial system does not stem from one thing. What inside job and the short sources here are telling us is what a lot of us already know, and that is, the rich get richer by finding ways to have the rest of us pay more for the things we need. I read the Toxie sources and from what I understand, what seemed like a good idea at the time quickly turned into something that effected our economy as a whole. By saying the rich get richer off of the rest of us, what I mean is, these big time companies and CEOs were and some still are buying houses just to turn a profit while knowing that what they are doing is keeping everyone in their class categories so to speak. Like Jerry said the rich are getting richer, but they are getting richer by the means previously stated in the sentence before and the poor get or poorer but buying these houses thinking they are getting a good deal when all the while they are paying more for something that will loose value as soon as the papers are signed, very similar to buying a car. Inside job we saw banks giving out loans left and right but when their clients couldn't afford to pay back these loans these banks either ran away before anything could happen or said tough luck. I personally didn't know it was this severe so informing people of what happened in 2008 and even what happened before that will allow people to be aware of what they are doing. It will allow people to ask the questions they rightfully deserve an answer to. We have to start paying attention to the warning signs and weigh the risks and benefits before we jump into something. If something sounds to good to be true, more times than not, it is. (Roe Turner)

====Having the knowledge about anything bank related seems so important. It's important because dealing with loans for houses everyone needs to know the fine print. Financial crisis that happened in 2008 was very scary for those who were very in financial trouble. Toxie was a very troubled situation for those who bought homes. Now the banks has so many toxies that they have to told out on selling. -Monique Tolbert====