The essence of capitalism, to gain power, you must get the support of big chaebols - money dominates power, Wall Street rules the government, no matter who is the leader, the key person who plays a decisive role is the group of people, to maximize the interests of capitalists To formulate laws and rules of the game, and continue to annex small companies and gradually form monopolies. In the end, the company went bankrupt and caused a world crisis, while the company's executives hollowed out the company and got rid of huge wealth. They only deal with money and have nothing to do with the people, so they have full freedom of speech. After the Great Depression in the 1940s, the financial industry was strictly regulated and there was no financial crisis. In the 1980s, the U.S. government, backed by economists and financial lobbyists, launched a three-decade-long financial deregulation effort to deregulate savings and loan companies so they could take depositors' money for risky investments. Since then, financial companies have been caught laundering money, defrauding customers, making fake accounts, bribing customers, evading taxes, evading taxes, and betting on everything, from oil price fluctuations to weather changes. In ten years, hundreds of savings and loan companies went bankrupt, and many people went bankrupt. There will be no money for a lifetime. In the late 1990s, the financial industry was reorganized into a few giant corporations that could threaten the entire system if they failed. When some people wanted to stand up to regulate financial derivatives, they were rejected by the banking government and Congress. In the past, the head of the household repaid the mortgage on a monthly basis and repaid it to the local lending company. Once the mortgage was paid for decades, the lending company would treat it with caution. In the new system, the lending company sells the mortgage of the house to the investment bank, and the investment bank combines thousands of mortgage loans and car loan credit cards to create a complex derivative product - the CDO of the secured creditor's rights certificate, and then sell the CDO to the investor, so Homeowners repay mortgages to investors around the world. Investment banks pay rating agencies to evaluate CDOs and get triple-A ratings, and yes CDOs are popular with pension funds that can only buy highly rated securities. This new system is a ticking time bomb. Lending companies don't care whether the lender can repay, so they offer riskier loans. Investment banks don't care. They sell more CDOs and make more profits, while rating agencies that charge investment banks Even if it turns out that they were wrong in their ratings of CDOs, they don't take responsibility.
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