In hindsight, who is most to blame for the Financial Crisis?

[DWCAP]

[quote=poorgradstudent]There is no one real source of blame for the housing bubble and financial crisis. There were people who could have done something to stop it (Clinton and Bush administrations, Congress (either party at various points in time), Greenspan). There were regulatory agencies with no teeth that set policies in place that encouraged banks to make risky loans. There were homebuyers that stated more income than they made, and banks that didn’t bother checking those claims. There were some very smart math nerds at banks that made a very fatal error when averaging out risk, ignoring the possibility of systemic risk.

This is what makes it so frustrating for the average american. There’s no easy scapegoat. It’s easy to paint your own personal politics onto it. Republicans can blame Fannie, Freddie, the Democrats and poor people. Democrats can blame Bush, the Big Banks, Republicans, and individual greed. The truth is a lot of people screwed up.[/quote]

+1. You summed up what I was trying to write very well. I still to this day dont understand why Americans cant seem to grasp the idea that sometimes everyone involved is to blaim. That sometimes it isnt evil people doing nafarious deeds, but rather alot of good people doing stupid things.

[Zeitgeist]

Greed.

[Zeitgeist]

Greed.

[Zeitgeist]

Greed.

[Zeitgeist]

Greed.

[Zeitgeist]

Greed.

[briansd1]

[quote=Zeitgeist]Greed.[/quote]

Opps, according to poorgradstudent, you’re a Democrat! haha…

[briansd1]

[quote=Zeitgeist]Greed.[/quote]

Opps, according to poorgradstudent, you’re a Democrat! haha…

[briansd1]

[quote=Zeitgeist]Greed.[/quote]

Opps, according to poorgradstudent, you’re a Democrat! haha…

[briansd1]

[quote=Zeitgeist]Greed.[/quote]

Opps, according to poorgradstudent, you’re a Democrat! haha…

[briansd1]

[quote=Zeitgeist]Greed.[/quote]

Opps, according to poorgradstudent, you’re a Democrat! haha…

[briansd1]

[quote=poorgradstudent]
This is what makes it so frustrating for the average american. There’s no easy scapegoat. It’s easy to paint your own personal politics onto it. Republicans can blame Fannie, Freddie, the Democrats and poor people. Democrats can blame Bush, the Big Banks, Republicans, and individual greed. The truth is a lot of people screwed up.[/quote]

I agree.

But it’s the job of government and the Federal Reserve to create and enforce rules of engagement so as to avoid a free for all.

That why I blame the Federal Reserve and Allan Greenspan the most. Not only were his hands invisible but Greenspan actually fanned the flames.

Rich is right in that if there’s any justice, Greenspan will live to see his reputation in tatters.

[briansd1]

[quote=poorgradstudent]
This is what makes it so frustrating for the average american. There’s no easy scapegoat. It’s easy to paint your own personal politics onto it. Republicans can blame Fannie, Freddie, the Democrats and poor people. Democrats can blame Bush, the Big Banks, Republicans, and individual greed. The truth is a lot of people screwed up.[/quote]

I agree.

But it’s the job of government and the Federal Reserve to create and enforce rules of engagement so as to avoid a free for all.

That why I blame the Federal Reserve and Allan Greenspan the most. Not only were his hands invisible but Greenspan actually fanned the flames.

Rich is right in that if there’s any justice, Greenspan will live to see his reputation in tatters.

[briansd1]

[quote=poorgradstudent]
This is what makes it so frustrating for the average american. There’s no easy scapegoat. It’s easy to paint your own personal politics onto it. Republicans can blame Fannie, Freddie, the Democrats and poor people. Democrats can blame Bush, the Big Banks, Republicans, and individual greed. The truth is a lot of people screwed up.[/quote]

I agree.

But it’s the job of government and the Federal Reserve to create and enforce rules of engagement so as to avoid a free for all.

That why I blame the Federal Reserve and Allan Greenspan the most. Not only were his hands invisible but Greenspan actually fanned the flames.

Rich is right in that if there’s any justice, Greenspan will live to see his reputation in tatters.

[briansd1]

[quote=poorgradstudent]
This is what makes it so frustrating for the average american. There’s no easy scapegoat. It’s easy to paint your own personal politics onto it. Republicans can blame Fannie, Freddie, the Democrats and poor people. Democrats can blame Bush, the Big Banks, Republicans, and individual greed. The truth is a lot of people screwed up.[/quote]

I agree.

But it’s the job of government and the Federal Reserve to create and enforce rules of engagement so as to avoid a free for all.

That why I blame the Federal Reserve and Allan Greenspan the most. Not only were his hands invisible but Greenspan actually fanned the flames.

Rich is right in that if there’s any justice, Greenspan will live to see his reputation in tatters.

[Author]

Posts