No, Americans Are Not All To Blame for the Financial Crisis: Exposing the big lie of the post-crash economy

I thought the part about the strippers and hookers was extremely enlightening.

Justice League

No, Americans Are Not All To Blame for the Financial Crisis: Exposing the big lie of the post-crash economy

 

mong my favorite anecdotes of the mortgage-industry decadence that preceded the global financial crisis is the one about Ameriquest’s wind machine. A motivational tool for managers, it made its appearance in the late ’90s at an executive conference at Las Vegas’s MGM Grand Hotel, where the future subprime leader hooked up a powerful fan to a plastic tent. Inside, exuberant branch managers jumped around amid a cascade of cash, allowed to keep as many swirling bills as they could grab.

That was how it went at mortgage-firm retreats: Here, a money-grabbing contest; there, a round of ritual chanting—“The power of yes! The power of yes!”—at a 2004 Washington Mutual gathering that was like the high ceremony of some bizarre money cult. Before long such incentivizing was part of the daily…

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