I have been posting for awhile that Rick Santelli and the Tea Party are wrong in saying the borrowers were to blame for the credit crisis. I believe that the banksters are to blame. However, even Mish agrees and blasts Berkshire Hathaway vice chairman:
http://globaleconomicanalysis.blogspot. … a-and.html
http://globaleconomicanalysis.blogspot. … ebtor.html
I think borrowers need to share some of the blame, especially the ones that went to a re-finance closing with no legal representation.
I know this is a little stretch but it seems to be the same argument of blame between a drug user and a drug dealer. Without one, the other can not survive.
What makes it so hard to swallow is that banks operate under our complete trust. We trust the banks and give them money and then the bank turns around and gives it to someone else in order to make money for itself. They then create money by making loans and the whole system works as long as there is consumer confidence.
What I'd like to know is what happened to that consumer confidence? Did the housing bubble burst on its own or was it a manipulated massive power grabbing scheme? I guess that can be answered by looking at who came out on top in this crisis like the billionaire banksters that are still billionaires and any of the billionaires that have been added to or climbed the ranks in the last couple years.
I think it's equally ridiculous to blame one entire group for the actions of only a few. Sort of like me blaming all of Congress for its part in the credit crisis. Sure, some of them bear part of the blame, as do some bankers and some borrowers. But it's actually a complex problem that involves a lot of factors, and focusing on only one part of it makes it harder, not easier, to analyze and solve and prevent in the future.
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