What Caused the Financial Crisis?

JeffWartman.com ^ | 1/25/2009 | Jeff Wartman

[dragnet2]

I wasn’t sure you got this link of Bush pushing these crap liar loans to millions of unqualified minorities.

http://www.youtube.com/watch?v=eW9viaJatpo

[Logic n' Reason]

Cause, schmauz!

Arguing the fine points about how all this happened is a bit like re-arranging the deck chairs on the Titanic just after the she hit the iceberg.

Argue about how to fix...and how fast!

People are hurting out here; it doesn't help them/us a damn bit to know why it happened....

It sure as heck would help if you would argue the immediate fix to the problem.

[BuffaloJack]

> What Caused the Financial Crisis?
The Politically Correct Culture caused the Financial Crisis!
Loaning to people who have no business getting a loan just because they are a bad risk.

[wartman]

Arguing the fine points about how all this happened is a bit like re-arranging the deck chairs on the Titanic just after the she hit the iceberg. Argue about how to fix...and how fast! People are hurting out here; it doesn't help them/us a damn bit to know why it happened.... It sure as heck would help if you would argue the immediate fix to the problem.

Fair enough.

[dennisw]

I blame the Feds 30% and that means Franklin Raines, Fanny and Freddy, Chris Dodd, Barney Frank. I also blame GW and his administration for not regulating CMOs and derivatives. Alan Geenspan can be blamed for an insane easy money policy

70% of the blame goes to Wall Street and bankers. They did the most damage with their exotic new derivatives. Some of them should be stripped of their riches and sent to prison

[Sherman Logan]

I more or less agree. Although I'd probably put it closer to 50/50. The Feds are, after all, supposed to prevent misuse of the system, not encourage it.

Some of them should be stripped of their riches and sent to prison.

Morally, I agree 100% Constitutionally ain't gonna happen. That unfortunate clause about "ex post facto laws". It appears most of these guys broke no laws at the time, and we can't pass laws now to make what they did then ilegal.