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The Wall Street Money Machine
As investors left the housing market in the run-up to the meltdown, Wall Street sliced up and repackaged troubled assets based on those shaky mortgages, often buying those new packages themselves. That created fake demand, hid the banks’ real exposure, increased their bonuses — and ultimately made the mortgage crisis worse.
Tobacco Debt
A landmark 1998 settlement with Big Tobacco awarded states billions of dollars a year to offset the health-care costs of smoking. What seemed like a boon become a debt trap for many state and local governments when they used it to promise investors billions in the future in exchange for cash advances.
