American Casino the movie

[shankland_the_dog]

http://www.americancasinothemovie.com/

“I don’t think most people really understood that they were in a casino” says award-winning financial reporter Mark Pittman.  “When you’re in the Street’s casino, you’ve got to play by their rules.”  This film finally explains how and why over $12 trillion of our money  vanished into the American Casino.

For chips, the casino used real people, like the ones  we meet in Baltimore.  These are not the heedless spendthrifts of Wall Street legend, but a high school teacher, a therapist, a minister of the church.  They were sold on the American Dream as a safe investment.  Too late, they discovered the truth.    Cruelly, as African – Americans, they and other minorities  were the prime targets for the subprime loans that powered the casino. According to the Federal Reserve, African-Americans were four times more likely than whites to be sold subprime loans.

<a href="http://www.youtube.com/v/Chl4VdUCozs&amp;ap=%2526fmt%3D18&amp;rel=0" target="_blank">http://www.youtube.com/v/Chl4VdUCozs&amp;ap=%2526fmt%3D18&amp;rel=0</a>

[jtollison78]

They weren't the targets of wall street, they were the targets of government (both Clinton and Bush) dead set on improving minority home ownership. If you're a bank and you know your M&A actions are restricted unless you are a "socially responsible" lender, then either you're going to lend and grow, or the guy down the street is going to lend and grow. Either way, banks are just responding to the incentives that governments put in place. Unfortunately, "socially responsible" lending, as defined by the government, didn't have a lot to do with ability to repay.