When the Occupy Wall Street movement emerged as the voice of the “99 percent” of Americans who were hit hardest by the Great Recession, the protest put a spotlight on big banks and financial service companies. They were ultimately responsible for the housing crisis that cost millions their homes, their jobs and their savings.
Some of the banks were dicing and splicing subprime mortgages into what were ersatz mortgages and selling them to other banks in the U.S. and globally. In short, they were pushing snake oil, which ultimately led to a massive number of new federal banking regulations — good and bad — and put a laser focus on income disparity and greed.
– The Fiscal Times