The banks lent money to people who couldn't repay. They failed to realise that they were lending so much to certain sectors of the economy, that the infusion of money made these sectors appear more prosperous than in fact they were. At the same time, banking practice moved on. Banks ceased to lend their own money, or even their customers'. Once they had made a loan, they sold it. Their salesforces pressed banks' new wares on unsuspecting investors in every corner of the world.
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