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Thread: 25 People to Blame for the Financial Crisis

  1. #11
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    Re: 25 People to Blame for the Financial Crisis

    David Bowie is to blame. A top British economist says so.

    He produced some bits of paper - Bowie Bonds - and said: 'Whoever buys these gets my royalties.'

    It meant he no longer had the money coming in but instead had a lot up front. His investors were guaranteed a decent income. It was a good deal all round.

    And the banks were catching on to the idea. They thought: 'We have billions out there in mortgages which are going to pay us back very slowly. Why don't we sell those and get the money now?'

    So the banks started doing what Bowie had done - in a big way.
    One of Britain's leading economic pundits asks: Is David Bowie to blame for the credit crunch? | Mail Online

    So there's one more person to blame.

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    Re: 25 People to Blame for the Financial Crisis

    You can put the blame on anybody who holds large amounts of wealth. It is that simple.

    However, one could go further back and look at the reasons why people were not able to afford the homes in the first place. You can watch the slips and slopes of Demand and Supply for companies and you can watch watch the downfall of the worker's wages. You can then add blame to the owners, as they have a tendency to lower wages; not pay labor for what it is worth. Then we can take another step back and find out why there was such an ungodly difficult decline in Supply and Demand and one could assume it had something to do with the consumer.
    However, we cannot blame the consumer because that would also be pointing fingers at ourselves.
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  3. #13
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    Re: 25 People to Blame for the Financial Crisis

    Quote Originally Posted by JMak View Post
    Yeah, go figure...

    Typical on-line poll that draws the most passionate voices...and leads to the most absurd results. Gramm's mention is an explicit result of media reporting on this. Just like the media created the impression, not Bush, that Iraq had some hand in 9/11...the media has acted to make Gramm a scapegoat here and that's why we're seeing this absurd polling result.

    Chris Dodd?
    Barney Frank?

    Not even a mention?
    Bill Clinton was mentioned.

    So are you this angry all the time?

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    Re: 25 People to Blame for the Financial Crisis

    Quote Originally Posted by chevydriver1123 View Post
    Its nothing but a knee jerk list and Im willing to bet many of those that voted for Graham are economically left wing.
    While that may be true, Time magazine believes he is ONE of 25 people to blame for the Financial Crisis. Based on the population of the United States, that puts him up there, now doesn't it?

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    Re: 25 People to Blame for the Financial Crisis

    Quote Originally Posted by PeteEU View Post
    So you are blaming Barney Frank why? Because you dont like him? Was he in any form of power when the deregulation happened on the Republican lead congress? Was he a key part of the legislation that made it possible for the US to get into this mess?
    How does one even address this nonsense?

    First, you, again, invent something and attribute it to me rather than expressing a good faith desire in an answer.

    Second, why do you think that I would hold Frank responsible, in part, simply because I don't like him?

    Third, why do you believe that blame should only be assessed to those Republicans in power when deregulation occurred?

    Fourth, why do you believe that deregulation (whatever that is supposed to represent) is the unique culrpit or factor here?

    Fifth, why do you think that the CFMA, a Clinton administration regulatory provision, uniquely permitted this to happen?

    I mean, I can't begin to address your questions without understand the arguments you're attempting to make but won't.

    Do you really think that a man who gained his chairmanship in 2007 when the downturn started, and the toxic assets were already a problem, suddenly is to blame more than the man who's name is on the bill that is one of the main reasons that we are in the situation today? Talk about lack of a reality check.
    Well, if the CFMA is a main contributor then certainly the housing crisis is a contributing factor, no? Given that the housing crisis finds it roots at freddie and Fannie, I'd say it was a constributing factor. Now, given that Frank aggressively resisted and denounced any additional regulatory oversight of those two GSA's while at the same time declaring, "These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing" demonstrates that Barney played a role in this mess.

    While I dont blame a single person or just a few people, I do lay more blame on certain people than others for the situation the world is in today thanks to the US. Phil Graham has far more blame than Barney, just as Bill Clinton has far more blame the Barney. But of course Barney is not off the hook, since he was in congress at the time of deregulation.
    Trying to dance on the point of a needle is foolish and is revealing your ignorance.

    But on the political side, there is no doubt that congress as a whole, but especially a few champions of deregulation are to blame for the lack of regulation and oversight with industries that used this wild west to exploit people and earn trillions while the going was good.
    You do know that Bush's attempts to impose greater regulatory oversight over the GSE's were completely resisted by Frank and Dodd, right? How you could say that there was a total lack of oversight exercised is dumb.

    Thats why the industry had Phil Graham to block any regulation on derivatives on top of repealing legislation that made it possible for banks, insurance companies and securities companies to compete.. now how much was it again AIG had to be bailed out because AIG was allowed to trade in the global derivatives market?
    And it was this deregulation that permitted BoA to purchase Merrill without which this banking problem would be even worse.

    You cannot have this both ways.

    Or are you gonna claim like some of the wackos on the right, that it was too MUCH regulation that was the problem?
    It ain't whacky. The government made it a priority, from Bush and from Congress, to expand home ownership. This insistence led to bad loans. These are the toxic assets that Obama and the Congress are talking about, dawg. Where are you...under a rock?

    But i guess you will counter with accusation about Fannie and Freddie.. like they were the sole reason for the crisis...
    Again, why do you invent nonsense like this?

    Do you have a psychological conditions predisposing you to lying?

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    Re: 25 People to Blame for the Financial Crisis

    Quote Originally Posted by aps View Post
    Bill Clinton was mentioned.

    So are you this angry all the time?
    Uh, you did notice that I cited Dodd and Frank, right?

    You were saying??

    What?

    Oh, you were saying nothing...much like Pete. You rely on attrbuting bogus motivations to others, eh?

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    Re: 25 People to Blame for the Financial Crisis

    Quote Originally Posted by PeteEU View Post
    So you are blaming Barney Frank why? Because you dont like him? Was he in any form of power when the deregulation happened on the Republican lead congress? Was he a key part of the legislation that made it possible for the US to get into this mess?

    Do you really think that a man who gained his chairmanship in 2007 when the downturn started, and the toxic assets were already a problem, suddenly is to blame more than the man who's name is on the bill that is one of the main reasons that we are in the situation today? Talk about lack of a reality check.

    While I dont blame a single person or just a few people, I do lay more blame on certain people than others for the situation the world is in today thanks to the US. Phil Graham has far more blame than Barney, just as Bill Clinton has far more blame the Barney. But of course Barney is not off the hook, since he was in congress at the time of deregulation.

    But on the political side, there is no doubt that congress as a whole, but especially a few champions of deregulation are to blame for the lack of regulation and oversight with industries that used this wild west to exploit people and earn trillions while the going was good. Thats why the industry had Phil Graham to block any regulation on derivatives on top of repealing legislation that made it possible for banks, insurance companies and securities companies to compete.. now how much was it again AIG had to be bailed out because AIG was allowed to trade in the global derivatives market?

    Or are you gonna claim like some of the wackos on the right, that it was too MUCH regulation that was the problem?

    But i guess you will counter with accusation about Fannie and Freddie.. like they were the sole reason for the crisis...
    Phil Gramm support balanced budgets, what has Barney Frank supported?
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    Re: 25 People to Blame for the Financial Crisis

    Quote Originally Posted by American View Post
    Phil Gramm support balanced budgets, what has Barney Frank supported?
    If you answered "giving loans to people who can't afford them" you are correct.
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    Re: 25 People to Blame for the Financial Crisis

    I wonder two things . . .

    1) What would the results be if Fox ran such a poll of its readers/viewers?

    2) Would PeteEU post it?
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    Re: 25 People to Blame for the Financial Crisis

    No surprise here. Just another example of the media. Thanks guys.

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