View Poll Results: What Created The 2008 Financial Meltdown?

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  • Greedy Wall Street Investment Bankers /Deregulation of the financial Industry

    37 33.94%
  • Barney Frank, Chris Dodd and the CRA

    32 29.36%
  • Poor people buying houses they canít afford

    27 24.77%
  • Other

    13 11.93%
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Thread: What Created The 2008 Financial Meltdown?

  1. #21
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    Re: What Created The 2008 Financial Meltdown?

    Quote Originally Posted by Catawba View Post
    If the GS Act had still been in place, banks could flat out not have used people's mortgages and pensions to speculate with. It is why it was enacted in the first place following the same practices that brought about the great stock market crash in 1929.
    And alot of poor people couldn't half-million-dollar+ homes and that's not fair. It's the reason Glass-Steagal was repealed.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: What Created The 2008 Financial Meltdown?

    The causes of meltdown were multifaceted, but if I had to pick one of the options, it would be the Wall St. However, the government certainly played a role by inducing moral hazard and artificially low interest rates.

    Nonetheless, we were warned years ago about the danger of derivative trading without transparency.
    The Warning | FRONTLINE | PBS

  3. #23
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    Re: What Created The 2008 Financial Meltdown?

    Quote Originally Posted by Gipper View Post
    Translation: Since some people...scratch that...since most people are stupid, we have to give overwhelming power to government to act as daddy, slapping people's hands and shouting "no!" when they do something ridiculous?

    Ah hell, that's just great. Our problem isn't stupidity - it's that we subsidize it. Making an example of these fools would be a powerful learning tool for the next crop of economically ignorant folk who have dollar-green dreams and lack the education to realize them. If it wasn't for people like that, Las Vegas would be a watering hole and pass-through truck stop.

    We need to tell these homeless people to put out signs saying "Will work for food because I took out a loan I knew I couldn't pay back".
    What overwhelming power? What were the evil consequences of the Glass-Steagall Act that you or others experienced? Did we have any major financial meltdowns brought about by wild speculation with American's life savings during the decades it was in effect?

    I think it is interesting also that the protesters understand this and have put the reinstatement of the Glass Steagall Act at the top of their list of demands.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  4. #24
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    Re: What Created The 2008 Financial Meltdown?

    Quote Originally Posted by Catawba View Post
    What overwhelming power? What were the evil consequences of the Glass-Steagall Act that you or others experienced? Did we have any major financial meltdowns brought about by wild speculation with American's life savings during the decades it was in effect?

    I think it is interesting also that the protesters understand this and have put the reinstatement of the Glass Steagall Act at the top of their list of demands.
    Wait until poor folks can't come up with the 20% down payment on a $50,000 home. The Libbos will take to the streets, again, to demand that Glass-Steagal be repealed.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  5. #25
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    Re: What Created The 2008 Financial Meltdown?

    Quote Originally Posted by apdst View Post
    And alot of poor people couldn't half-million-dollar+ homes and that's not fair. It's the reason Glass-Steagal was repealed.
    Sorry, no speak jibber-jab. Please try again.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  6. #26
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    Re: What Created The 2008 Financial Meltdown?

    Quote Originally Posted by apdst View Post
    Wait until poor folks can't come up with the 20% down payment on a $50,000 home. The Libbos will take to the streets, again, to demand that Glass-Steagal be repealed.
    If you think those things are related you have a whole lot of esplainin' to do.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  7. #27
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    Re: What Created The 2008 Financial Meltdown?

    Quote Originally Posted by Catawba View Post
    If you think those things are related you have a whole lot of esplainin' to do.
    You don't even know what Glass Steagal is, do you?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  8. #28
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    Re: What Created The 2008 Financial Meltdown?

    Quote Originally Posted by StillBallin75 View Post
    The second option makes no sense, as Dodd-Frank was signed into law two years after the meltdown. Who honestly blames the financial meltdown on Dodd-Frank?
    not "Dodd-Frank", the legislators Chris Dodd and Barney Frank. Both of whom were full-throated and powerful in their support of Fannie and Freddie and expanding the subprime mortgage market.

  9. #29
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    Re: What Created The 2008 Financial Meltdown?

    Quote Originally Posted by pbrauer View Post
    Can you back these ridiculous claims up with any evidence? Why would a lender lend money to someone who can't pay them back?
    because they can add that mortgage in with a bunch of others and sell them as securities which will be rated way above their actual value. In "The Big Short" Michael Lewis recounts (for example) the story of an itenerant Mexican fruit-picker who was approved for a 500,000 Ninja loan.

  10. #30
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    Re: What Created The 2008 Financial Meltdown?

    Quote Originally Posted by apdst View Post
    You don't even know what Glass Steagal is, do you?
    I already explained what it was here, before you joined the conversation, but do tell us what your understanding is of the Glass-Steagall Act?
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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