The beginning of Fake News promulgated by the banks setting up the dynamics early in the failing game with the national media (that they owned with over-leveraged debt deals) by labeling “liars loans” and “deadbeat borrowers” to place the blame for their fraudulent enterprise on the homeowners. The banks knew their scheme and bubble would fail and rather than expose the truth they made sure the public’s first (and lasting) impression was that it was
the homeowners’ fault because they bought homes they couldn’t afford.

The truth in fact was that if the banks hadn’t crashed the economy, gambled away (lost) the pension funds that caused businesses to close, bankrupt, layoff thousands of employees, and destroy the construction industry… not to mention municipalities and states struggling with the loss (3.4 TRILLION dollars) of their employees pension and retirement funds, there would no need to create fake news stories to predispose public opinion in advance of the crisis.