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 7 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 Annie 7 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 Chris Andrews 7 years ago
Are you tired of banks taking more and more money?Banks get more and more money for their services. The only thing that seems to have gone down is the interest on mortgage - and that is only because the banks are sitting on houses and it does them no good. How far would you go to help...
by Moderndayslave 5 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 Riece 7 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 ahorseback 5 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 ...
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