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American banks to blame for Greece problems?

ATHENS, Greece (AP) -- Greek Prime Minister George Papandreou is not ruling out taking legal action against U.S. investment banks for their role in creating the spiraling Greek debt crisis.

If you read the story it says the US banks made such a big deal over Greece going under that they made things worse. Of course thats crazy, Greece made their bed and now they have to lay in it. It's pitiful when Cities, states and countries act like children.
What do you think? Should we be to blame?

Answer Question

Asked by itsmesteph11 at 11:11 AM on May. 16, 2010 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (9)
  • Should we be to blame?

    Of course, they are just following Obama's lead. He blames us for everything too.


    Answer by Anonymous at 11:16 AM on May. 16, 2010

  • It is Obama's fault and both Clintons' fault and Jimmy Carter's fault and LBJ's fault and FDR's fault and ......shall I go on?

    Answer by Anonymous at 11:40 AM on May. 16, 2010

  • Because the entire worlds finances are intertwined what American banks do influences other nations finances. And what happens to the Greeks influences our nations finances (just look at the dip in the stock market after Greece's announcement of their problems). If we're going to blame anyone we need to blame those who removed the rules that kept things stable for such a long time and the speculators who manipulated to markets for their OWN gains.I haven't heard Obama blaming us. He blamed the financiers and people who didn't watch their own finances. Congress and the Senate are the ones who create the rules. The President leads but doesn't get his/her own way on everything. The courts decide if things are legal.
    This is a complicated problem and there are no simple answers . But ultimately We the citizens have to take some blame as we're the ones who vote.

    Answer by QuillingDiva at 11:59 AM on May. 16, 2010

  • Don't like what's happening vote intelligently. That means researching a persons record and not just voting for someone because someone else tells you to. We also need to be active participants in the changing of our government. As long as there are people who want a one world financial vision we're all going to be effected. What we need right now is to stop buying cheap Chinese goods and support American workers which means we need American manufacturing jobs. That means we need to stop rewarding big businesses who outsource American jobs to cheap labor and create American companies who are dedicated to quality and safety.Do you now where your medications are being made or where your baby's foods are being made? How about what's in them? Like I said it's not simple.

    Answer by QuillingDiva at 12:05 PM on May. 16, 2010

  • America is soon to find themselves in the same shape as Greece. It's the big nanny entitlement programs that are breaking us, just as with Greece. Just take a look at California.

    Answer by Carpy at 1:38 PM on May. 16, 2010

  • You can't single out any one factor in this mess - yes, it was US banks. It was also the banks of France, Germany, Spain, Japan, the list goes on. The hit from Greece was in every international market, not just ours. Ours seems worse because it was coupled with that P&G disaster that nobody wants to take the blame for, but that biggest drop in history wasn't about Greece at all.

    Answer by NotPanicking at 2:13 PM on May. 16, 2010

  • If you want to know where it started check this out. Barney Frank video on financial regulation. 2006.


    Answer by Natesmom507 at 3:33 PM on May. 16, 2010

  • Greece also changed the bible to fit their faith too.

    Answer by Anonymous at 5:48 PM on May. 16, 2010

  • Fine, I want our part of their bailout back!


    Answer by yourspecialkid at 10:08 PM on May. 16, 2010

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