phragle
10-27-2008, 11:16 AM
interesting take on the current financial crisis. the bad mortgages and housing market contributed to the mess but was not the cause, the real cause was the recently legalized 'gambling' on whether stocks value would increase or decrease, when the losses started happening, it wasn't the losses themselves that hurt, it was the sudden huge influx of 'gambeling loses' the financial indusrty began having to pay. this entire gambeling scenario was played out before in 1907, when the practice caused a market crash and was illegalized. you dont even need to own the stock to gamble and the odds vs wager are pretty substantial.