Interesting Read:

http://www.time.com/time/specials/pa...877339,00.html

Angelo Mozilo
Phil Gramm
Alan Greenspan
Christopher ***
The American Consumer
Hank Paulson
John Cassano
Ian McCarthy
Franklin Raines
Kathleen Corbet
**** Fuld
Herb & Marion Sandler
Bill Clinton
George W. Bush
Stan O'Neal
Wen Jiabao
David Lereah
John Devaney
Bernard Madoff
Lew Ranieri
Burton Jablin
Fred Goodwin
Sandy Weill
David Oddsson

 

Who's to blame?

Follow the money and go back to the source:

The Federal Reserve and their inflationary monetary policies.

Read, "The Creature From Jekyll Island."

 

Interesting that Barney Franks, one of the better choices isn't on there.

 

Wouldn't that be Greenspan?

 

Time. I don't believe a word in any publication of theirs.

 

Greenspan:

the super-low interest rates Greenspan brought in the early 2000s and his longstanding disdain for regulation are now often held up as leading causes of the mortgage crisis. The maestro himself admitted in an October congressional hearing that he had "made a mistake in presuming" that financial markets could regulate themselves.


Personally, I put a lot of blame on this guy..,

Lew Ranieri

Meet the father of mortgage-backed bonds. In the late 70s, the college dropout and Salomon trader coined the term "securitization," a tidy bit of financial alchemy in which home loans are packaged together by Wall Street firms, and sold to institutional investors. In 1984, Ranieri boasted that his mortgage-trading desk "made more money than all the rest of Wall Street combined." The good times rolled: as home ownership exploded in the early '00s, the mortgage bond business inflated Wall Street's bottom line. So the firms placed even bigger bets on these securities. But when the subprime borrowers started missing mortgage payments, the mortgage market stalled, and bond prices collapsed. Investment banks, overexposed to these toxic assets, shut down their doors. Investors lost fortunes.


I just wonder where all the money went..

 

Democrats.

 

The over-riding theme is lack of regulation.

 

I blame the media. I believe it wouldn't be nearly as bad if the media wasn't blowing way out of proportion.

 

Please explain. What did the media blow out of proportion and what effect did it have on our current economy?

 

You know when people hear about something bad, they go and do things out of the ordinary. Like when the "fuel crisis" was happening, people were going out and hording fuel. The media has now scared the people into not buying anything because they have spent so much time talking about it and making it such a big deal. I hardly ever watch the news, but when ever I do, a good sized portion of it talks about the failing economy.

 

Along with money, power and greed.

 

I have to agree with this.

There is plenty of blame to go around.

Mortgage Crisis - Who is Responsible

They say that history repetes it's self. Recent history repetes it's self? I guess it does.

 

The greed wouldn't be possible without the Fed allowing 30-1 leverage.

Fed=source.

 

that is the exact same thing i was going to say. The unemployment rate is at or near 10 % that means that 90% of Americans are still working. because of the media they are scared to spend the money they would usually spend. which is causing the decrease in sales.