Did the top one (1) percent of RICH create the recession?

  1. Shealy Healy profile image58
    Shealy Healyposted 8 years ago

    Did the top one (1) percent of RICH create the recession?

    You might want to do some research before answering this question. Do the big earners think they are more entitled that the rest of the public? If so, might they pocket bail out money-because they deserve a few million dollars in bonus money?

  2. LetusPonder profile image78
    LetusPonderposted 8 years ago

    The top 1 percent of earners in our country are few and far between compared to the number of people who were given loans that they shouldn't have been given (because they had no verifiable means to make the payments).  These loans were given to people so that Fannie Mae/Freddie Mac upper-level managers could receive huge bonuses.

    Yes, many companies abused the government bailout money, but there were tens of thousands (maybe 100 thousands) of lower/middle income people receiving the loans and maybe hundreds, at most, who got the bonuses.

    The rich can't be blamed for this.  If people were to conduct some research into just who it was that shut down the independent Fannie/Freddie auditors, and actually accused THEM of fraud when they were just reporting facts and actual events taking place, they could easily find congressional hearings and transcripts online.  And in these transcripts, it was definitely NOT the Republicans and the rich who are to blame.

  3. Shealy Healy profile image58
    Shealy Healyposted 8 years ago

    Thank you for your answer. I do agree that your words are correct. I would however like us to take a look at the unfortunate state of mind/attitude/greed and yes-fear of not having enough that has lodged its self into your culture. I think I am actually trying to dig deeper than even my original question. What about the elite attitude that is "we are better than them*?"
    *them being "us" the regular folks. Can you see on some level that there is an attitude that exists in some parts of our governments-especially in the past years-that has created this attitude/behavior/desire to have the status "stuff" that encourages the regular folk to judge themselves and their needs in a consumer oriented - needy way?

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