The Financial Crisis: Blame It On The Government, Of Course!
Found this interest video clip on the WSJ's new Opinion Journal Live:
What I find truly unbelievable is that at one point, half the mortgages in the U.S. were either subprime or ALT-A. Yikes!
I also find it very....err....interesting that the commission places most of the blame for the financial meltdown that led to the Great Recession on institutions that really don't matter anymore, like Fannie Mae and Freddie Mac. IMO, they are letting way too many fraudsters and other super-greedy players off the hook.
What I find truly unbelievable is that at one point, half the mortgages in the U.S. were either subprime or ALT-A. Yikes!
I also find it very....err....interesting that the commission places most of the blame for the financial meltdown that led to the Great Recession on institutions that really don't matter anymore, like Fannie Mae and Freddie Mac. IMO, they are letting way too many fraudsters and other super-greedy players off the hook.
Labels: financial_crisis, government, mortgage-backed_securities, WSJ
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posted by Steve Brown | 11/29/2010 02:17:00 PM
4 Comments:
Anytime that someone throws a line out to people, there will be those that will exploit that line.
But there was more to it than just greed and fraud. There were people who honestly thought they could make it work, and got slammed by the falling economy. It was perhaps bad judgment on their part, but no one can see the future. It is true that people should have read the fine print, but people dream of owning a house, and don't always look before they leap.
Some of the blame has to go to the government for being short sighted in how such policies would clash with human nature. But there is a certain degree of personal responsibility involved as well.
@ Sunken: I supposed blaming the government is not as bad as blaming the financially careless/ignorant folks who got suckered into mortgage deals that made no sense. It made me sick when I would see certain members of Congress (Michelle Bachmann -[R]) blaming the victims. Disgusting.
Why would we blame on government? We should learn more on financial education and learn how to manage our own economy.
I agree with Sunken. There needs to be a degree of personal responsibility as well as fiscal responsibility by the financial industry.
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