exactly, and honestly, you can argue that madoff was a criminal, but the flip side is people could have done research on Madoff and not have been swindled
He is saying that YOU can't CONTROL what everybody else does. But YOU are WRONG too, so hold YOURSELF ACCOUNTABLE and you can avoid that later. That is how LIFE goes. It isn't about everybody else does, it is about what YOU do and YOU only. If you can only read literally, you might need to go back and take some basic reading comprehension classes. Good luck and I wish you all the best!
Poor people have always been trying to get a house or loan etc, but banks previously would say. "NO...of course not, you can't afford it." Why? Because it was bad business..... However, once the Chinese Walls that seperating Banks from Wall Street were removed, Banks could make the loans, and then sell them on into a hedge fund on wall street, essentially taking away the loan officers accountability. The bank made money, and the risk was transfered to the general public with no way of them knowing exactly how risky or not all those loans were. THIS is what caused the problem.....there was a bank seperation from Wall street that was taken out by the Republican congress and Clinton.....that started this whole mess. DD
Banks did have a lot to do with it. They packaged loans up and sold them in bundles. Ratings agencies then put AAA ratings on the best of the bundled festering ****. Without that hot dog factory, there wouldn't have been incentive to loan to the poor, dishonest, greedy and/or the stupid. Every factor magnified upon the other. Creditor nations (it didn't start with China) made liquidity insanely cheap by dumping their account surpluses in the US and Western Europe. Fed lowered interest rates when there was a whiff of any recession. This created the incentive for everyone to spend more than save. Multinational banks started to merge with bipartisan blessing. How many bubbles have their been since the early 90s? Tech, housing, commodities, stock market, M&A, and securitization. The home GSEs compounded the securitization bubble, but no business in their right minds would buy garbage if it wasn't rated triple A. No investor would allow another company to borrow money at favorable rates without a good rating. But money at the time was low hanging fruit so corporations made deals with each other to mirror their packaged hotdogs for more money. List goes on and on...
I already have but it doesn't really matter since it requires reading comprehension, a skill you clearly lack. And I said "no sensible person is denying the banks had responsibility." Whether the author actually believes they had no responsibility, I don't know, but if he doesn't than he isn't sensible. But he is smart enough to know what matters the most.
no you have not, you have not provided a direct quote, i provided a direct quote where he says it does not again he is not only not making the coporations responsible, he directly says it isn't their responsibility
It is 100% about Greed. Greed of the banks making questionable loans and selling them on without any responsibility. Greed of the people getting houses they couldn't afford. Greed of the politicians removing the checks and balances because lobbiests paid them to do so..... It is all about the Greed. DD
Wait, are we arguing that person accountability is a bad thing or just that the article only shows have the picture?
Do you know the context of that quote? Were you there in attendance? So I take it you weren't clapping with everyone else? My understanding of "It's not about Wall Street greed" is that it isn't what we should be most concerned about, yet that has been the focus of this crisis. We all talk about banks and debate all day who is to blame, yet we still haven't looked in the mirror, and that's where the real problem lies.
From a realistic perspective, saying it's everyone's fault doesn't get us very far. People have had the same greed and ambition for centuries, why is this happening now? Thus, we are left looking for the variable that pushed this constant greed over the edge. I'd put my money (pardon the pun) on banks making knowingly bad loans and companies like AIG and Frannie/Freddi providing the change, but if you've got some better idea, let's hear it.
The article has a good premise. Personal responsibility is a nice place to start and a nice idea. I think it's funny that this concept actually stirs any argument. I mean really, people being responsible for their own actions and decisions??? What the heck!!!! If I drive into an impoverished neighborhood in a $50k automobile and step out with paperwork for a loan to purchase said auto. When I hand over the keys to the first person willing to sign the paperwork is it my fault our theirs when I don't get paid back? The answer is both. The person with the most responsibility should be the one that has control over the money though, and if the car wasn't mine in the first place, that responsibility is even greater(banks loan your money not theirs). The person who started with nothing doesn't have much to lose. True, it's not right and our government is reinforcing this behavior with bailouts for all of the irresponsible parties involved. Free health care, free food, free money, free housing, did I miss anything? Oh yeah, bailouts for companies that suck. Our society is steadily moving away from personal responsibility, who needs it when the government takes care of us?
This thread is the flipside of the thread where a couple of posters, including one who works in the mortgage industry, claimed it was government intervention responsible for the current crisis. Of course the people who took those loans bear some responsibility but the argument in this thread comes off sounding like drug dealers saying its not their fault that people are hooked on drugs. Afterall they just sold them but it was the users who decided to buy them. In any transaction there are two parties. The buyer clearly has a responsibility to enter into the deal but so does the seller.
Oh they deserve blame too, and I argued that point in that thread. I just wonder who is going to be personal responsibility for all the money we are printing and what it will do to the value of the dollar over the next generation?
