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.
by lady_love158 13 years ago
http://finance.yahoo.com/news/Banks-rep … 62554.htmlForeclosures topped 1 million in 2010 and the pace is expected to pick up in this quarter pushing home prices down an additional 5% and putting more borrowers under water.Yes Obama and the Democrats are doing a bang up job on the recovery!...
by Riece 13 years ago
I hear people everyday in the bank and on message boards complaining about how the bank is so evil in their overdraft charges. Sometimes it is the bank's fault, but when it is, they reverse the fees. That is a very small percent of the time.When are people going to start taking responsibility for...
by Annie 13 years ago
In a world of conflict who is to blame, when the Goverment fails us?when people around the world are dying for no apparent reasons, Who is to blame, and can we trust the American with the truth on what is going on overseas in the war?
by ahorseback 11 years ago
Doesn't all the blame begin .......and end at home ?We like to throw daggers in our new American culture ,daggers of the blame game , We blame guns , we blame the media , we blame congress and we blame the president ! Pick an issue any issue and look to all the ...
by Moderndayslave 11 years ago
The financial meltdown that was caused by the banks in 2008 has been thrust upon the shoulders of American citizens to bail them out. The reasoning was they are "Too big To Fail" The repercussions of this are still being felt. today Iceland said otherwise,placed blame where it...
by ga anderson 11 months ago
"Borrowers With High Credit Scores Penalized Under New Federal Mortgage Fee Plan" Reason.com"Under the new rules, high-credit buyers with scores ranging from 680 to above 780 will see a spike in their mortgage costs – with applicants who place 15% to 20% down payment experiencing the...
Copyright © 2024 The Arena Media Brands, LLC and respective content providers on this website. HubPages® is a registered trademark of The Arena Platform, Inc. Other product and company names shown may be trademarks of their respective owners. The Arena Media Brands, LLC and respective content providers to this website may receive compensation for some links to products and services on this website.
Copyright © 2024 Maven Media Brands, LLC and respective owners.
As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.
For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://corp.maven.io/privacy-policy
Show DetailsNecessary | |
---|---|
HubPages Device ID | This is used to identify particular browsers or devices when the access the service, and is used for security reasons. |
Login | This is necessary to sign in to the HubPages Service. |
Google Recaptcha | This is used to prevent bots and spam. (Privacy Policy) |
Akismet | This is used to detect comment spam. (Privacy Policy) |
HubPages Google Analytics | This is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy) |
HubPages Traffic Pixel | This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized. |
Amazon Web Services | This is a cloud services platform that we used to host our service. (Privacy Policy) |
Cloudflare | This is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy) |
Google Hosted Libraries | Javascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy) |
Features | |
---|---|
Google Custom Search | This is feature allows you to search the site. (Privacy Policy) |
Google Maps | Some articles have Google Maps embedded in them. (Privacy Policy) |
Google Charts | This is used to display charts and graphs on articles and the author center. (Privacy Policy) |
Google AdSense Host API | This service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy) |
Google YouTube | Some articles have YouTube videos embedded in them. (Privacy Policy) |
Vimeo | Some articles have Vimeo videos embedded in them. (Privacy Policy) |
Paypal | This is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy) |
Facebook Login | You can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy) |
Maven | This supports the Maven widget and search functionality. (Privacy Policy) |
Marketing | |
---|---|
Google AdSense | This is an ad network. (Privacy Policy) |
Google DoubleClick | Google provides ad serving technology and runs an ad network. (Privacy Policy) |
Index Exchange | This is an ad network. (Privacy Policy) |
Sovrn | This is an ad network. (Privacy Policy) |
Facebook Ads | This is an ad network. (Privacy Policy) |
Amazon Unified Ad Marketplace | This is an ad network. (Privacy Policy) |
AppNexus | This is an ad network. (Privacy Policy) |
Openx | This is an ad network. (Privacy Policy) |
Rubicon Project | This is an ad network. (Privacy Policy) |
TripleLift | This is an ad network. (Privacy Policy) |
Say Media | We partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy) |
Remarketing Pixels | We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites. |
Conversion Tracking Pixels | We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service. |
Statistics | |
---|---|
Author Google Analytics | This is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy) |
Comscore | ComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy) |
Amazon Tracking Pixel | Some articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy) |
Clicksco | This is a data management platform studying reader behavior (Privacy Policy) |