Elizabeth Warren: Big Banks Figured Out ‘How to Trick Families’ Into Taking Out Loans

SCARBOROUGH: "How did that, how does that experience -- the fact that you were raised on the ragged edge of the middle class, as you say -- how did that impact you in 2008, 2009, when you saw the economy collapse and you were asked to come in and help millions of people that were suffering a similar fate?"
WARREN: "You know, Joe, you put it exactly the right way. And I tell this story all through the book about how we get there, and how I start working as a young teacher and doing research about how families go broke. And starting to understand, good people who've just been hit hard by medical problems, by job losses, by family breakups. And then starting to watch how the banking industry, the big banks, started figuring out their whole profit model was how to trick families, how to trap families. And then they started taking all those mortgages that tricked people, putting them into packages, and selling them out like boxes of grenades with the pins already pulled out. They then even blew up the entire American economy. And then that's when I come back into the story in the book about being asked to come in during the bailout of the big financial institutions. And it nearly killed me. Because what happened all throughout that bailout? It was always about how to save the biggest financial institutions, not about how to save American families."