The collapse of the Spanish economy was initiated with the
bursting of its real estate market. The banks did the same in Spain
as they did in USA, Inc., circa 2008.
Spain, a Housing Bubble and Who Knew What
Last paragraph, “…Spain's housing problem is not that relatively costly,
given Europe's resources and Spain's size. It would need an infusion of money, say $100
billion, to allow the banks to allow the housing market to clear. Given that
the housing depression is costing Spain several percentage points of economic growth each
year, that seems like a relative bargain. But even Garicano admits that it
won't be seen that way. After all, the conventional wisdom narrates a story
about fiscal profligacy and looming bubbles, for which the leeches of austerity
remain the one and only cure.”
As in USA, Inc., so in Spain,
the banks ran toward throwing hundreds of billions of dollars to “bail out the banks,”
instead of saving the real estate market from collapse. After all, the banks
created the collapse; why would they fix it? Better to financially enslave the
nation in banker debt then to look after its well being. And yes, just as in
USA, Inc., Spain’s
main stream media protected the bankers by putting the onus of the debacle on
the poor slobs duped into the dream of owning a home thanks to easy banker money.
Toxic Loans, a.k.a. Liar Loans, were the
banker’s royal flush, their winning hand in a game of economic global
domination.
Spain rescues bank as
spectre of Irish property crash looms
The purpose of the interview with William K. Black (linked
below), explains how the banking industry designed and executed the creation
and destruction of the US
housing market. It also defines liar
loans, and how fraud became an
acceptable practice in the current national and international banking
system.
Financial Fraud- C2C 20 Nov.
2011 (1 through 4)
William K. Black
Fraudulent banker loans, and the creation and designed
explosion of the sub-prime mortgage market.
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