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Thread: Bin Laden responsible for financial crisis.

  1. #1
    Diamond Member AndyD's Avatar
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    Bin Laden responsible for financial crisis.

    This article made me smile when I saw it

    You can pretty much blame all of our nation's economic woes on Osama bin Laden. Don't believe me? Try this one on for size: Bin Laden caused the financial crisis. Right after 9/11, the Federal Reserve lowered interest rates in order to boost the economy in the wake of the terrorist attack. In a search for higher yields investors began to buy up subprime mortgage bonds. In order to create more high-yield bonds, lenders made loans to riskier and riskier borrowers, who drove up housing prices and created the bubble. Eventually, many of those borrowers couldn't pay their loans. The bonds start to go bad. Lehman goes belly up. Financial crisis on.

    This would suggest Bin Laden started the economic crisis via the butterfly effect rather than the house of cards effect that I would rather favour as being the case.
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    Dave A (05-May-11)

  3. #2
    Site Caretaker Dave A's Avatar
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    Just goes to show. String together a pile of facts into a sequence that suits, ignore what doesn't fit and you can "prove" just about anything.

    Great link
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