Hello, this is Rudy Giuliani back with another episode of Rudy's Common Sense.

Today we're going to talk about, I guess what everybody is talking about.

And it's the failure of America's 17th largest bank that went under in the weekend followed

by another major bank, a signature bank that went under like that.

And now everybody's doing the blame game about it.

Although unlike the crisis in 2008, unlike the situation during the pandemic, pandemic

probably being easy to explain, this one is very, very simple as to why it happened.

The 2008 situation was years and years of investing in these complex mortgages attached

to mortgages, attached to mortgages, attached to mortgages that were made into securities.

And the mortgages looked like they were a lot more valuable and then underneath and on

the bottom never checked out were useless mortgages that as soon as the market turned boom

went under and it went on for years.

And it was based on the Clinton admonition that everybody should have a home and the theory

was that everybody should have a home whether they can afford it or not.

And then America tried to have everybody have a home whether they can afford it or not

and almost went bankrupt.

One of the reasons for it.

The Dodd-Frank law which I opposed vehemently was a recipe for future disasters, untold

disasters because it completely changed banking and started to move it toward a state control

model or better yet a communist model.

Not noted at the time is the fact that Karl Marx has any number of chapters on how to

change the banking system.

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