ATS Poll: Who Is To Blame For Our Financial Crisis?

reply to post by Crakeur


Repackaged is exactly the fact of the situation.
I lived in Southern California during the building craze. The locations and amount of houses going up as rapidly as they did,were unsustainable as EVERYONE knew.
From building contracters,real estate agents and bankers,EVERYONE knew it had to crash.

But,when you talked to the building contractor,his answer was,"yeah,this might be the last contract for a while,gotta keep my guys busy,banks are going to stop loaning me money "

Real estate guys"yeah,it's way out of the way location wise,but the contractor will give me 7% on every home I fill,so I don't have to split any commisions."

Banker " Well, it REALLY doen't matter if they qualify. So what if they're C grade credit. What we do is take all the C paper and B paper and put them in the middle of a loan pack bundled between all A paper. A paper on the top and A paper on the bottom. Crappy paper in the middle. The loans are sold as a bundle. You take the whole bundle even if a couple of loans are shady. Ya gotta buy the whole package."

They ALL knew it was a Design to Fail,and Unsustainable.

It was a ticking time bomb train wreck unfolding before our eyes.

That is one problem in our economy. Now you have unemployed construction workers,real estate values that have killed agents commssions,and put a lot of them out of work,and loans so hard to qualify for,the loan departments in banks have gone from 4-10 in the departments to 3.

And? It was GREED that fueled the fire. EVERYONE was throwing money around like it was monopoly dough.
You got a 3 bedroom house? ADD 2 more rooms and make it a five bedroom and go back and refinance.
The house will double in value.

It was rediculous and everyone wonderd when and how it would end.

That is just one facet of the crash.
But a BIG one for California.
Add illegal immigration costs by lost revenues,taxes,schools,hospitals,jails,that's another cost that is still here.

The question from the OP was,what is causing the problem? Not, what is the solution?

YOU tell me the solution now. I'll vote for you. You HAVE to be better then the rest of the quacks in office.

Don't forget the BUYERS knew they couldn't afford the homes either. But, at everyones guidence in the food chain, they were assured the home would go up in value faster then their balloon payment would become real,so they could refinance.

All of them !

reply to post by predator0187


Think about what you are saying. When you buy something based on the belief that it will increase in value it is called speculation. If you speculate with money you can not afford to lose, you are a fool. Nobody was duped into thinking that the housing market would go up forever, they choose to believe that because it supported their greedy notion of get quick rich quick.

I would vote for A and D. The government for forcing the banks to lend money to unqualified borrorowers to create pleasant statistics about minority home ownership and the people for being total fools thinking that a housing market would go up for ever

The System in America created post WWII wanted everyone to have careers, retire after 20-30 years ....and everyone has white picket fences in front of their homes.

A series of horrible events led to a Generation of ME.....who failed to have enough kids, failed to want to live in the dream society.

There was no way to make the numbers work. You have too many retiree's to pay...and insufficient income to pay them...so what do you do?

Pass lots of laws criminalizing everything for revenue....rob and steal around the world....topple other nations to make money off of them....it's just what they had to do.

To make matters worse we had a run away military who were not being watched wasting shiploads of money making things and doing things that killed our own people, and poisoned our own country for the next 100,000 YEARS. The Great Lakes will NEVER recover and are almost completely DEAD. If the Salmon in them do survive another 1,000 years there will still be advisories to not eat much of them.


So California couldn't afford to pay all it's retiree's and they had to give away new GM vehicles to illegals....give mortgages to illegals....all to show GROWTH and make false profits in the stock rising up.....which they weren't really making money at all because we were getting robbed and raped from multiple directions....

And now that we've been raped and robbed until we can't be raped anymore....at some point we need to wipe the slate clean so a new Generation can rape and rob us into more laws and taxes and debt.

The Baby Boomer Generation are afraid of what you are going to do to them....for what they left you with.....and they even have the gall to expect you to pay them Social Security.....since they blew the SS Trust Fund on coke and prostitutes....

Did we REALLY have a bunch of mentally retarded people leading America?

No.....they left us 11 Aircraft Carrier Battle Groups to get out there and get some money. Get shootin'

reply to post by sonofliberty1776

Yea, there is plenty of blame to go around it seems, and the people surely have their share too. I don't know if it's the flouride, pharmies, complacency,denial, laziness, or all the above, but we allow it to happen as well as contribute to it to some degree with our spending habits. I also think we(US) are overworked, underpaid and don't have time or desire to determine what is wrong and then try and fix it. When ya have a family to come home to after work,usually one wants to unplug from stress and numb out in front of the boob tube, just to relax and maintain some sanity. Don't get me wrong, I love our country and we have a lot to offer, but at the same time we are slaves to the dollar and feel ensnared to the 'pursuit of happiness' rather than the obtainment of happiness. The carrot seems further away these days.

spec

reply to post by Pervius

Well said Pervius, fear, disenchantment, division and despair have settled upon our country, and people have lost faith in any significant change, so they just keep to themselves and chip away at a living.
Really, we as consumers have more power than we realize, but people need to get together and organize efforts to change their spending habits. I think people should move towards self-sufficiency and get off the grid to some degree. Of course when you can't even have a veg garden in your yard because of some code/ordinance, well that's just insult to injury.
On a positive note, I think people are being forced by this situation to make personal changes and that is what it takes sometimes to truly change. So hopefully the rough times will bring change faster out of need.

spec

Pervious? I've NEVER slept with a prostitute!

Other then that? I think you nailed it.

And I personally never expected SS to be there when I get older.

I already warned my kids to make sure they know how to make a good living because Dad will be living with them and sharing in their wealth. They're terrified.

Payback baby.

I kid I kid.

There are a LOT of people to blame for this, but in the end, it all comes back to one place: The implementation of the Fed. Every single thing that is happening can be traced back to that point.

They created a house of cards. Somebody sneezed.

I will pick the option you did not give:

(F) - GREED.

We are a country that lives on greed....in many cases from the top all the way to the bottom.

We are a nation of Hoarders, gobbling up as much BS as we can because television is telling us that is what we are supposed to do.

The days of "helping thy neighbor" and "we're all in this together!" have long since passed, now we just give everyone the finger.

Having looked at the financial crisis as it stands there is one option that is not there: All of the above, and here is how this conclusion was reached:
A) The government is responsible, as they right the rules and keep track over the entire way the system is ran, years of bad mismanagement on their part, combined with inflated egos, along with being reactionary.
B) The Bankers and the Wall St corporations, in an attempt to exploit the system, using loop holes and finding more creative ways to try to get more money. Credit issued to people who could not have possibly paid it back.
D) The people: Organizations like ACORN and other people who screamed and cried about things being unfair not realizing that the rules that were in place, ultimately caused this, along with people who lived beyond their means, with the mentality, buy now, pay later, all had a part in this. It is also we the people who keep putting the same people back into DC that led to the arrogance that many politicians have.
E) And this lead to the system that is now fundamentally flawed and broken, that eventually crashed on us all.
Thus the assessment that it is all of the above is quiet correct.

The blame goes to:

1. Liberal Democrats

2. RINO Republicans

3. president oobamah

4. uneducated voters.

Ranked in order...

The Gov.
Wall Street and Banks
The people.

The Gov. happily let the banks and Wall Street know that they were no longer going to monitor their actions and not enforce regulations or create new ones.

Who is to blame if Law Enforcement declares theft no longer a crime?

Yes, those that steal deserve blame, but we all know greed is human nature. The Gov. deserves first blame for turning a blind eye.

Once the Gov. gave the go ahead, Banks created "Exotic Financial Mechanisms and Products" to hide the fact that they were lending to people that couldn't afford it and then sold those products to other banks and investors for insane prices.

Banks knew better, but Gov. allowed it. Who is to blame? The cops that stopped investigating the thefts or the thieves that decided to going on a home invasion spree?

The people? I blame them 3rd.

You would need a 4 digit IQ and a Phd in finance to understand the 300 pages of fine print in a closing document when you buy your house.

Yes, the people should have been more vigiliant, but by the time a banker sits across from you telling you that you can afford the loan, most people are apt to believe the "professional banker"

...would they lend you their money if they thought your couldn't pay it back?

Well the strange answer ended up being "yes" because they immediately sold your loan for a profit in a bundled "Exotic Financial Product" to another bank, investor or pension fund. Hot Potatoe or Musical Chairs...as long as you weren't left standing when the music stopped. Unfortunately those same banks were also buying recycled "exotic Products" that they themselves didn't know were bunk. Most banks thought they were the only ones cooking the books on thier loans and the procucts they were buying from other banks must be good

Originally posted by neo96
reply to post by Finalized

 

but the government created the federal reserve

Federal Reserve Attorneys: Fed Banks Are "Not Agencies" But "Independent Corporations" With "Private Boards of Directors"

From that link, the Board of Governors lawyers admitted the Federal Reserve Banks were not Federal Agencies in a court of law.

Video can be found at: www.c-spanarchives.org...&start=817&end=847

The Federal Reserve, created by bankers, for bankers, is the mechanism being used to destroy the US assisted by simple-minded politicians that don't understand how money is made.

WHY WHY WHY have we turned over the manufacturing of money to a private bank? The US worked fine without a central bank and many presidents have warned against the evil of the "Money Masters". The produce nothing but money out of debt. Until the majority of the US wakes up to the fact that this is the ONLY issue that we should be worried about, we are doomed to the downward spiral. Take a lesson from Iceland and tell the bankers to go pound sand.

Without the Federal Reserve, the Gov't/Wall Street would be much more limited in how much they could fleece the proles.