An MMT site bringing you dogma-free economics without the pleadings of self interest
When homeowners default in droves on their mortgages, the banks committed 'control fraud.' What is the buzz word for demonizing banks that purchased sovereign bonds? I want to get my outrage on.
TB, the "control fraud" started with issuance of the dodgy mortgage based on a policy of extending loans to people who were not creditworthy in the first place. As a policy it extended throughout the organization from top to bottom.The bans were instrumental in setting up and maintaining control over the systems (hosts) that they prey upon as parasites. The economic term is "rent-seeking" and the jargon is "parasite."
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