A few banks went under in 2008 but what really happened is your tax dollars went to bail them out while bank execs got huge bonuses and the Federal government got more control of the private sector.

added for clarification:

Tax payers bailed the banks/hedge funds out. Small investors saw their pension/401k/IRA gutted because of the write-off for mortgage backed derivatives that were worthless. Government put tighter controls on bank lending practices because of FDIC compliance (not necessarily a bad thing) but did nothing to address the real problem which were predatory loan practices aimed at low-income people that should not have been taking out mortgages they could not afford to pay back, The banks lumped all those bad loans in with good loans and then sold them as investment vehicles (mortgage backed derivatives). The banks knew what they were doing was going to eventually fail yet did it anyway. NOBODY WENT TO JAIL. The "Community re-investment act" is still in effect.

A few banks went under in 2008 but what really happened is your tax dollars went to bail them out while bank execs got huge bonuses and the Federal government got more control of the private sector.

added for clarification:

Tax payers bailed the banks/hedge funds out. Small investors saw their pension/401k/IRA gutted because of the write-off for mortgage backed derivatives that were worthless. Government put tighter controls on bank lending practices because of FDIC compliance (not necessarily a bad thing) but did nothing to address the real problem which were predatory loan practices aimed at low-income people that should not have been taking out mortgages they could not afford to pay back and the banks that lumped all those in with good loans and then sold them as investment vehicles (mortgage backed derivatives). The banks knew what they were doing yet NOBODY WENT TO JAIL. The "Community re-investment act" is still in effect.

A few banks went under in 2008 but what really happened is your tax dollars went to bail them out while bank execs got huge bonuses and the Federal government got more control of the private sector.

Tax payers bailed the banks/hedge funds out. Small investors saw their pension/401k/IRA gutted because of the write-off for mortgage backed derivatives. Government put tighter controls on bank lending practices because of FDIC compliance (not necessarily a bad thing) but did nothing to address the real problem which were predatory loan practices aimed at low-income people that should not have been taking out mortgages they could not afford to pay back. The "Community re-investment act" is still in effect.

A few banks went under in 2008 but what really happened is your tax dollars went to bail them out while bank execs got huge bonuses and the Federal government got more control of the private sector.