Blame Game: Financial crisis

[tik 🪀✨]

Myself, I don't think the irresponsible home-owners get enough of the blame, but ultimately I think it lies with the lenders. I agree that oversight and regulation should have been in place, but the way things were left left the banks with the choice to be responsible in not issuing these loans and all of this credit in the first place. If anyone was conscious of the decisions being made, it was them. They chose not to exercise their power before it was too late and widespread. If they weren't so entrenched, I would be more supportive of letting them all come crashing down in a blaze of shame.

By the way, I decided to take out option 4: Sam Spade (for withholding valuable information about the future)

[opebo]

Christ people, the government controls 'the economy', and is always responsible for everything that happens in it.  We impose a sort of capitalism on society, which inherently gives very bad results for many people all of the time, and even some of the people that matter once in a while. 

But if you notice they're not jumping on the reform bandwagon.. keep in mind that status is relative, so having one billion in a depression is just as good as having 10 billion in good times.

Anyway - capitalism (the government) is to blame.

[Sensei]

The Government was probably ultimately responsible. You really can't let people who can irresponsibly acquire wealth do so without lots of regulation.

[ag]

Christ people, the government controls 'the economy', and is always responsible for everything that happens in it.  We impose a sort of capitalism on society, which inherently gives very bad results for many people all of the time, and even some of the people that matter once in a while. 

But if you notice they're not jumping on the reform bandwagon.. keep in mind that status is relative, so having one billion in a depression is just as good as having 10 billion in good times.

Anyway - capitalism (the government) is to blame.

The winter's gone, the summer came, glory to the Communist Party for this achievement!

[Kaine for Senate '18]

The government deserves slightly more blame than the other 2.

[k-onmmunist]

Lenders fault.

[opebo]

Christ people, the government controls 'the economy', and is always responsible for everything that happens in it.  We impose a sort of capitalism on society, which inherently gives very bad results for many people all of the time, and even some of the people that matter once in a while. 

But if you notice they're not jumping on the reform bandwagon.. keep in mind that status is relative, so having one billion in a depression is just as good as having 10 billion in good times.

Anyway - capitalism (the government) is to blame.

The winter's gone, the summer came, glory to the Communist Party for this achievement!

A financial crisis is a social phenomenon, ag, more akin to mass hysteria than a season.  And anyway, I never mentioned communism anywhere in my post - a critique does not necessarily specify an alternative.  Perhaps there is none.

[ag]

Christ people, the government controls 'the economy', and is always responsible for everything that happens in it.  We impose a sort of capitalism on society, which inherently gives very bad results for many people all of the time, and even some of the people that matter once in a while. 

But if you notice they're not jumping on the reform bandwagon.. keep in mind that status is relative, so having one billion in a depression is just as good as having 10 billion in good times.

Anyway - capitalism (the government) is to blame.

The winter's gone, the summer came, glory to the Communist Party for this achievement!

A financial crisis is a social phenomenon, ag, more akin to mass hysteria than a season.  And anyway, I never mentioned communism anywhere in my post - a critique does not necessarily specify an alternative.  Perhaps there is none.

Neither did I mention communism. I just cited an old Russian ditty: "proshla zima, nastalo let, spasibo Partii za eto"

[opebo]

And it is a lovely ditty, though as I pointed out, not apropos my contribution to this thread.

[dead0man]

The government deserves slightly more blame than the other 2.

..and every individual that could have stopped but didn't any of those $150k loans to people without jobs (that includes the jobless wonders trying to get a house without a job).  Those number well into the millions I'm sure.  You can throw in all the American voters as well for voting in jackasses over and over again. 

Lots of blame to go around.

[opebo]

The government deserves slightly more blame than the other 2.

..and every individual that could have stopped but didn't any of those $150k loans to people without jobs (that includes the jobless wonders trying to get a house without a job).  Those number well into the millions I'm sure.  You can throw in all the American voters as well for voting in jackasses over and over again. 

Lots of blame to go around.

It is silly to blame a jobless or otherwise impoverished person from 'taking the risk' of getting a loan.  One supposes that there were jobless people who made a good living from buying and flipping houses during the boom.

All of this was caused by badly devised government policy (too much emphasis on credit, not enough on redistribution of income).

[TeePee4Prez]

Didn't answer because it's too hard to tell.  I'd say all levels- Government, Lenders, and Homeowners. Homeowners- lack of basic financial literacy which needs to desperately be taught in the schools.  Lenders- Didn't verify income nor did proper financial analysis to see if the borrower could pay back the mortgage.  I love these people who only made 50K per year getting a home for 500K and were like "oops, I didn't know".  Whatever happened to the 30% of gross income per month rule?  Unless it's a resort area, the basic formula should be 2.5X median household income should be the median home price.  Why is it 10-15X in some places still?  It makes no sense.

And because of assholes like these, I'm priced out of the market and out of a job because the CPA firm I was at had a lot of construction/builder clients.

[Sam Spade]

Well, all three should be blamed, but since government sets the rules, they get top blame.

And tik - I'm not withholding valuable information about the future.  Trust me - if I knew *exactly* what the future will bring, I would tell you. 

Even with that, I'm giving you the best observations I can about where we're headed - which is ok short-term, bad long-term to the point of possibly being catastrophic (and getting more likely to be catastrophic as time goes on and government does its thing)

[Queen Mum Inks.LWC]

Homeowners.  Think of it this way.  If a person drinks and drives and kills a group of people, who's responsible?  The government for not stopping the drunk driver?  The bar for selling the alcohol?  Or the person for drinking and driving and hitting a group of people.

It's the driver's fault.

[Jake]

Government for a lack of regulation.

[Sbane]

Homeowners.  Think of it this way.  If a person drinks and drives and kills a group of people, who's responsible?  The government for not stopping the drunk driver?  The bar for selling the alcohol?  Or the person for drinking and driving and hitting a group of people.

It's the driver's fault.

You really don't think this is just a housing bubble do you? If that was the case it would have popped a couple of years ago and we would have had a moderate recession. What the banks and insurance companies did with these toxic loans is what has led us to the doors of another great depression. And of course the government had a role in stopping the banks from making these stupid moves, and they dropped the ball on that. In addition it was these banks that offered the loans to the homeowners, so I really don't see why we should blame them. If a financial "expert" is telling you that you will be able to afford a house, why wouldn't you believe them? Regardless it is obvious the blame lies with all three parties involved.

[Lunar]

I blame AIG's bonuses for the entire recession

[Marokai Backbeat]

The government would be mostly at fault for the lack of regulation, though all three really deserve blame. However, I think it's important that the way the blame on government be phrase, for instance, I don't want some backwards conservative thinking "The Government is at fault, therefore we need less of it!" when that's not really the point this poll is making.

[Queen Mum Inks.LWC]

Homeowners.  Think of it this way.  If a person drinks and drives and kills a group of people, who's responsible?  The government for not stopping the drunk driver?  The bar for selling the alcohol?  Or the person for drinking and driving and hitting a group of people.

It's the driver's fault.

You really don't think this is just a housing bubble do you? If that was the case it would have popped a couple of years ago and we would have had a moderate recession. What the banks and insurance companies did with these toxic loans is what has led us to the doors of another great depression. And of course the government had a role in stopping the banks from making these stupid moves, and they dropped the ball on that. In addition it was these banks that offered the loans to the homeowners, so I really don't see why we should blame them. If a financial "expert" is telling you that you will be able to afford a house, why wouldn't you believe them? Regardless it is obvious the blame lies with all three parties involved.

No, it's not just a housing bubble.  I'm not saying homeowners are solely to blame, but if they never would've taken loans, banks wouldn't have these toxic loans.

And a financial "expert" in terms of a financial planner for a family is not the same as a banker.

[○∙◄☻¥tπ[╪AV┼cVê└]

I voted the government, but they all deserve plenty of blame.