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Who caused the Economic Crisis?

As far as I can tell it appears to have been helped along by a number of players including those on both sides of the aisle politically and greedy people on Wall Street and Main Street.

This article sums it up pretty well.

http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html

If all you can do is bash the source and not the content of the article take your BS drama elsewhere.

Answer Question
 
Friday

Asked by Friday at 10:38 AM on Mar. 16, 2009 in Politics & Current Events

Level 19 (7,317 Credits)
Answers (44)
  • The banks giving out the mortgages...To people who have bad credit. Probably wall street had a hand in it to. JMO...

    louise2

    Answer by louise2 at 10:41 AM on Mar. 16, 2009

  • I am not even going to read the article. I am not saying its not valid, but I feel that the reason we are in an economic crisis is because of all the people who have been living beyond their means. Its something that has become to easy for everyone to do. I am not out of this blame. If everyone learned to budget better, not live off of credit cards, or try to buy houses they can't afford, I think this whole situation could be avoided. Its not just individuals, either. There are businesses and political entities that have had this problem as well.

    I know that not everyone in America is living beyond their means or has lived so irresponsibly, but I know I have done this myself some, too. I just think it has all gotten out of hand. Maybe now people will learn to be responsible with their money. Me included.
    Anonymous

    Answer by Anonymous at 10:45 AM on Mar. 16, 2009

  • I think everyone had a hand.


    BANKS loaned money to those without the means to pay it back


    WALLSTREET gambled to high and too long and were left without restrictions


    CLINTON signed laws into affect (w/ the help of dem controlled congress and house) that FORCED the banks to sign crappy loans.


    BUSH & OBAMA putting through the bailouts and stimulus pkgs for companies that should have failed and pkgs that were FULL of pork


    AMERICANS that lived FAR beyond thier means and those who are ILLEGALLY on PA and abusing the system, straining it at the seems!

    momof030404

    Answer by momof030404 at 10:46 AM on Mar. 16, 2009

  • CLINTON signed laws into affect (w/ the help of dem controlled congress and house) that FORCED the banks to sign crappy loans.


    Wasn't the bill signed in 1999? He had a Rep congress and house at the time. I recall Bush boasting about the record numbers of minority homeowners under his watch. Did you know Phil Gramm and Rick Davis, 2 of McCains advisers, had their fingers in the pot as well?

    Friday

    Answer by Friday at 10:49 AM on Mar. 16, 2009

  • There are so many cooks in that kitchen it would be hard to place a majority of blame on anyone. My personal belief is that a majority of it was from bad policy. How that came to be, well, I guess that's the grey area for many. We can all try to point to different law makers and people who took advantage of the system, but I really think at this time - where we are now - that we need to take responsibility for our bad decisions. Why is there no personal responsibility? Many of those people that got adjustable loans were not victims, they were greedy too. Some lied about their income to qualify for more than they could afford. They got ARMs and knew the rate would adjust, but it's easier to say 'I didn't know', instead of 'that was really stupid of me'. And now, because of their negligence, we get to pay for them to stay in a home they can't afford and had no business buying in the first place.

    Anonymous

    Answer by Anonymous at 10:51 AM on Mar. 16, 2009

  • I thought you wanted to know who WE thought had caused the problems. Bragging over the record number of people in houses, tho stupid, isn't what put the laws through. Yes, I did know that, I also know McCain was cleared of wrong doing b/c all he did was show up to a meeting. If all you want is to try and this solely at the feet of repubs you go ahead...but it's not how ithappened.

    momof030404

    Answer by momof030404 at 10:53 AM on Mar. 16, 2009

  • As well as Barney Frank and Dodd? What's your point Friday? Are you just trying to remind us all that ALL politicians are greedy SOBs? Done. I totally agree.
    Anonymous

    Answer by Anonymous at 10:54 AM on Mar. 16, 2009

  • Barney had a a lot to do with it.

    He should be thrown in the slammer, not still on the Hill trying to tell people what to do.
    He's a reprobate..............
    mustbeGRACE

    Answer by mustbeGRACE at 10:55 AM on Mar. 16, 2009

  • "The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult."


    I liked this statement at the end and it sums it up nicely. We also need to realize that economic downturns are cyclical and they happen, you cannot prevent them entirely. The things listed at the end of the article just added to the severity of the current downturn, imo.

    anime_mom619

    Answer by anime_mom619 at 10:55 AM on Mar. 16, 2009

  • Even after the housing scandal came to light Barney Frank was defending it to the death. I could place the majority of the blame at his feet.
    Anonymous

    Answer by Anonymous at 10:55 AM on Mar. 16, 2009

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