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Why Did Banks Fail?
Lots of BLAME on Government,
Little BLAME on the Real Culprits!
What happened? Basically, they made a lot of really bad mortgage loans.We can argue about why, whether it was the gov't pushing them to do it, or greed on their part, or whatever. But in the end, they made a lot of loans they shouldn't have, and when the housing bubble popped, they got burned badly.
Below is from Wikipedia
2007–2012 global financial crises
The 2007–2012 global financial crisis, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It resulted in the collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of US dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis.
The bursting of the U.S. housing bubble, which peaked ... more

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