How we cite our quotes: (Chapter.Paragraph)
Quote #10
One trillion dollars in losses had been created by American financiers, out of whole cloth, and embedded in the American financial system. (9.59)
This is the end result of the subprime mortgage market: $1 trillion in fake money that nearly collapses the world economy. The situation could have easily been avoided, but the thought of record-breaking profits was too tempting for Wall Street nasties to ignore.