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My fund, and a fund I represented, had mucho skin in game tied to domestic interest rates and LIBOR. So, I wanted...willed...all to be fine.
1/6 of all hedge funds crashed, and didn't cost the tax payers a penny. Like a noncompetitive mom&pop restaurant, they were correctly left to fail.
Core of crash was three-pronged:
1: Federal Reserve: They've created boom/busts for 100 years. How? Just as Soviets couldn't centrally plan the price of a pencil, wheat, or gold, no one on earth can correctly centrally plan the price of money.
2: Federal Government: Goes back to the Community Reinvestment Act, forcing banks to lend to people, regardless of credit rating. Hey, I want ALL people to be rich. But, selectively punishing banks for not lending "enough" to certain racial groups is evil, anti-market, and proved to be, destructive. Banks love to lend...love it, and care not of one's race, gender, or sexual orientation. They absolutely do care if one can pay back a loan.
Think I cared the race of my clients investing $5 million, $1 million, or even in my entry level fund, $250K?
3: Wall Street(creation of CDOs etc), rating agencies (rated garbage as "A"), and Fannie and Freddie (bought garbage mortgages,and therefore, encouraged them) played huge role in this mess too. But, without items 1 and 2, 3 would have been impossible.
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