HOW WALL STREET FED THE CONSUMER CREDIT CRAZE
"Wall Street accelerated the consumer credit revolution the same way it did the real estate bubble: It created a secondary market for credit card, auto loan, and retail paper by securitizing it collecting it in pools and then reselling it as securities called by such names as plastic (credit card) bonds, certificates for automobile receivables (CARs), and other variations of the generic asset-backed securities (ABSs)."
Peter Schiff In his book From His Book Crash Proof: How to Profit From the Coming Economic Collapse
Peter David Schiff, president of Euro-Pacific Capital, is a Connecticut-based brokerage firm have correctly predicted the U.S. stock-market collapse , the home mortgage meltdown and the credit crunch .
Peter Schiff discusses politics, world economies, and investment strategies and is now running for a Senate Seat in his native Connecticut , Peter Schiff is Author of the Best Seller Crash Proof How to Profit From the Coming Economic Collapse
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