SOCA02H3 Lecture : lecture notes
Document Summary
Useless words and other bits of information mckinnon wants us to know . Charisma miraculous power the chosen one the messiah. Mckinnon is telling us how retarded those americans are, speaking of debt . In the us, there were two large mortgage companies: fannie may and freddie mac . they were instructed by the us to give mortages to everyone. So there was a boom in building new homes, and people defaulted their mortgages (i. e. failed to pay them back because these people were poor)defaults piled upon defaults. in the meantime, that huge debt was sold on the stock market as derivatives. this debt was sold as derivatives in the stock market all over the world as. So in a prime stock, there is no risk involved (or so they thought) and people bought this in the trillions, then the bottom fell out and people lost their homes when these stocks fell.
