Who Caused the Financial Crisis

[crb]

Wallstreet greed or inept washington interference?

http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fia sco/

The thing is... Wallstreet is accepting blame, you won't find a Wallstreet CEO Who'll defend subprime mortgages. And yet... the liberals in washington are just blaming republicans.

Social Engineering sucks. This is not a failure of capitalism, this is a failure of socialism.

[Nieninque]

Fuck off

[Stanley Burrell]

Wallstreet greed or inept washington interference?

http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fia sco/

The thing is... Wallstreet is accepting blame, you won't find a Wallstreet CEO Who'll defend subprime mortgages. And yet... the liberals in washington are just blaming republicans.

Social Engineering sucks. This is not a failure of capitalism, this is a failure of socialism.

Probably yo mama.

[Suppa Hobbit Mage]

Minorities, women and poor people.

[Stanley Burrell]

Minorities, women and poor people.

Don't forget about gays, liberals and non-Christian democrats!

[Solkern]

ashliana

[Audriana]

Don't forget about gays, liberals and non-Christian democrats!

At least we know it wasn't the Jews...

[Stanley Burrell]

.














































































Warclaidhm.

http://img105.imageshack.us/img105/1341/1193838025470pd4.jpg

[Stanley Burrell]

At least we know it wasn't the Jews...

The Jews.

[Audriana]

The Jews.http://robdamanii.com/macros/curses.jpg

[Mighty Nikkisaurus]

Barack Obama and the Russians.

[radamanthys]

The homeless.

They have no hope and they took all our change.

[ClydeR]

One of the causes was that the President's faith-based mortgage programs were not implemented widely enough in time.


A lot of times, there are people -- think about buying a home and they don't like the complexity. They don't understand what it means and how to buy a home. It's obviously a big deal when somebody purchases a home, but it's confusing. People get nervous about it. And so we need more counseling and more education to make sure our fellow citizens know what it means to buy a home and can get comfortable with the idea of buying a home. And so we've doubled the amount of money available for community-based programs, faith-based programs -- (applause) -- to be able to brief their parishioners and/or their fellow citizens about the opportunities and the hope and what it takes to be able to purchase a home.

http://www.whitehouse.gov/news/releases/2003/10/20031015-10.html


In January, the President created the Advisory Council on Financial Literacy, which brought together business experts and faith-based and non-profit organizations to develop recommendations to better educate Americans about matters pertaining to their finances and their future. HUD developed and distributed four million copies of a bilingual "Home Economics" brochure that details five steps Americans should take to become financially literate and own a home they can afford.

http://www.whitehouse.gov/infocus/homeownership/

[crb]

It must be shocking to the core to a liberal when they learn that their social engineering and tinkering with capitalism ends up fucking the country in the long run.

Why does it seem to me most liberal policies fail to think about unintended consequences.

Tax the rich and businesses, give money to the poor and "working class"
Good intention, road to hell. Attacking the wage payer does not help the wage earner. Taxing production (and productivity, and success) does not encourage more of it.

Pull out of Iraq, RIGHT NOW
Said for the last few years, so very wrong. Sure, it might be a good intention to save American lives by pulling out and leaving the Iraqi's to fend for themselves, but when Iraq destabilizes the entire region, leading to a larger regional war, and becomes a haven for terrorists, pulling out would seem dumb. Thankfully, we had the surge so by the time Democrats could get the power to actually pull out, the country will have been stabilized. Thank god.

Encourage banks to give mortgages to poorer people
Get people into homes, the American dream, give people a stake in communities, an ownership society. Fuck, great intentions! Bush was even on board and continued these policies (though, to be fair, he also called for fannie/freddie reforms). Road to hell again though. Banks lower standards people get homes they cannot afford, artificial demand creates a bubble, bubbles burst. We all get fucked.

Free/universal healthcare
Give people healthcare. Great intention. Huge fucking moral hazard. Lack of consumer control results in no competition among providers. No competition results in higher prices. Higher prices result in government cutting of reimbursements. Lower reimbursements result in shortages of facilities. Rationing of Care.

To be fair, Republicans can do it too. Though, the decision to invade Iraq WAS bipartisan, I will concede it was more largely Republican driven.

so...

Removing Saddam
Good thing, the guy was a bastard. But he was also the iron fist that kept all the factions in line. Without him, the country destabilized into chaos. Unintended consequence.

Both sides have this problem, I think liberals have it more often though.

and this problem here is a perfect example of an unintended consequence of a good intention.

I'm rational enough to admit that George Bush contributed to this problem with his support of these housing policies. Why is it you partisan liberals can't rationally admit the fault of your own party in this mess?

Oh... right... I forgot... Obama, Dodd, Frank, etc all fart flowers.

[Ignot]

go away

[Kembal]

You're an idiot, crb. Irrespective of whose blame you want to put it on for subprime mortgages, most certainly it was Wall Street that came up with the complex financial derivatives based on those mortgages that are the current anchors on the balance sheets of major banks, causing the current financial crisis.

The housing bubble pop and the resultant foreclosures would not have resulted in bank failures if these derivative securities were not created. (and the credit default swaps and everything else that went along with them)

[Gan]

Elvis

[Mighty Nikkisaurus]

Elvis

Bullshit.

Elvis is the only one who can save us now!

[crb]

You're an idiot, crb. Irrespective of whose blame you want to put it on for subprime mortgages, most certainly it was Wall Street that came up with the complex financial derivatives based on those mortgages that are the current anchors on the balance sheets of major banks, causing the current financial crisis.

The housing bubble pop and the resultant foreclosures would not have resulted in bank failures if these derivative securities were not created. (and the credit default swaps and everything else that went along with them)
And those financial derivatives would have been completely fine had there not been a bubble caused by artificial demand & subprime loans.

If someone puts a tampon in your gas tank do you blame the manufacturer of your car for building a fuel system susceptible to such problems? Or do you blame the guy who put the tampon in your gas tank?

Why don't you just admit it was a bad idea for the government to use affirmative action-like housing policies to encourage banks to lower standards?

[Mabus]

Bullshit.

Elvis is the only one who can save us now!
That's why they need $700 Billion! He wants a big payday for his comeback tour!

Vegas, baby!
;)

[Stanley Burrell]

The homeless.

They have no hope and they took all our change.

Never thought about that.


The United States Mint.

[Kembal]

And those financial derivatives would have been completely fine had there not been a bubble caused by artificial demand & subprime loans.

If someone puts a tampon in your gas tank do you blame the manufacturer of your car for building a fuel system susceptible to such problems? Or do you blame the guy who put the tampon in your gas tank?

Why don't you just admit it was a bad idea for the government to use affirmative action-like housing policies to encourage banks to lower standards?

Give me a break. A hell of a lot more mortgages went bad than just subprime. Especially those no-documentation jumbo loans (who the fuck issues 500k+ loans without any documentation of the borrower's income?), and alt-A loans. Those banks relaxed their underwriting standards way way beyond anything required by the government.

In any case, an actual examination of the risks involved in creating those financial derivatives should've stopped the banks from creating those derivatives. They did not examine those risks. The banks failed on their own.

Basically, you are arguing that since the federal government encouraged the banks to issue mortgages in order to create more affordable housing, it is not the banks fault that:

a) they had bad underwriting standards for their mortgage loans
b) they did not do strong risk assessments for those loans before packaging them into securities
c) they did not create any way to evaluate the actual value of those securities when trading them

You can concievebly argue a. (Not really, given the facts of the matter regarding jumbo and alt-A loans, but whatever) However, it is not the fault of the government that banks decided to shit all over their standards in creating those securities and decided to trade them in an obscure fashion, instead of a transparent market.

[Audriana]

They did not examine those risks.

They didn't care about the risks. They examined them fine.

If you had a bill in your hand signed by the president, the senate and the house saying that if you fail, they will help you with any means. Are you going to be cautious?

[Audriana]

(Democratic)Tax the rich and businesses, give money to the poor and "working class"
Pull out of Iraq, RIGHT NOW
Encourage banks to give mortgages to poorer people
Free/universal healthcare

(Republican)
Removing Saddam


So what you're saying is...

When Democrats fuck up it costs almost a trillion dollars.
And when Republican fuck up it costs almost a trillion dollars and hundreds of thounsands to millions of lives.

[875000]

Back to who caused the Financial Crisis ...

Anyone blame Islamic Fundamentalists yet?

[Audriana]

http://www.demotivate.org/pages/posters/blame/blame_700.jpg

[Warriorbird]

I did it.

[Stanley Burrell]

Who Caused the Financial Crisis?

zerg rush

[Back]

McCain’s financial advisor.

[Clove]

People who don't spay or neuter their pets.

[Stanley Burrell]

People who don't spay or neuter their pets.

:lol2:

Alright.




Seriously though: People who don't wash out their milk cartons before recycling them :mad: Boy howdy.

[Mabus]

People who don't spay or neuter their pets.
The great prophet, Bob Barker, warned us.

We did not heed! We did not heed!

[Clove]

Uncircumcised bankers.

[Mighty Nikkisaurus]

The French, and Clove's ferrets for good measure.

[ViridianAsp]

Bill Clinton and his presidency.

[diethx]

Wiggers.

[Back]

Topo Gigo did it.

[875000]

The fifth cylon

[thefarmer]

White people

[Mabus]

White people
You could be right!
Death Rattles of a Criminal Class - by BAR executive editor Glen Ford (http://www.blackagendareport.com/index.php?option=com_content&task=view&id=801&Itemid=1)

[crazymage]

David Whatley.

[Kefka]

Socialist Republicans (conservatives) :whistle:

[Tsa`ah]

Gay Jesus (lasers got to him ... and he wasn't hard to find behind the couch).

[Warriorbird]

Keyser Soze.

[Ravenstorm]

*polishes his eyes lasers*

Yes? You have something to say? You want to be next?

[g++]

Brielus

[Clove]

David Whatley.Twhatley?

[Ignot]

I think we all know who is responsible:

http://www.youtube.com/watch?v=aOIJtS4gbaY

[TheEschaton]

Hurricane Katrina.

[Stanley Burrell]

Gypsies.

More specifically: A group of travelling pasty snow white Irish Gypsies known as "The Travellers." I didn't think they existed either.

[Audriana]

Tippecanoe and Tyler too

[thefarmer]

The same bastard who stole the cookies from the cookie jar...

[Clove]

That nigga stole my bike.

[Mabus]

Goobacks!

They took our jobs!

[Audriana]

http://www.humorscore.com/uploads/thumbs/84a890d1237a3d36b102a8885086ccfb_TheyTookOurJobs.f lv.large.jpg
Day Dook Er Juubs!

[Suppa Hobbit Mage]

ROFLCOPTER.

This thread is win. No one takes CRB seriously.

[Gan]

The same guy who stole Sean2's beer from under his car.

[Stanley Burrell]

Ninjas.

[Stanley Burrell]

Intermarriage.

[Stanley Burrell]

...

Intermarried ninjas http://forum.gsplayers.com/images/icons/icon3.gif

[Keller]

ROFLCOPTER.

This thread is win. No one takes CRB seriously.

I tried to warn him this would happen. He didn't take me seriously. =(

[Audriana]

The Grand Poohbah

[875000]

Cobra Commander

[Jorddyn]

Princess Toadstool.

[Clove]

Poorly administered sex education.

[Keller]

Dar.

That is all.

[Mighty Nikkisaurus]

That's why they need $700 Billion! He wants a big payday for his comeback tour!

Vegas, baby!
;)

WE GOTTA DO WHATEVER NEEDS TO BE DONE.

It's all for the King!

[CrystalTears]

Dar.

That is all.
http://img.photobucket.com/albums/v412/Jemah/smilies/dar.gif

[Gan]

Tsin



and



Zimzum

We've been zimzumed!
http://i286.photobucket.com/albums/ll102/learningtewfly/zimzum1.jpg

[Ignot]

ignignokt and ur

[Back]

Osama Bin Ladin and the Saudis.

[Stretch]

I think it's pretty clear who is really behind the financial meltdown.

http://content.answers.com/main/content/wp/en/thumb/d/dc/180px-Crab_people2.jpg

[Kranar]

Leeroy Jenkins

[Back]

Rick Astley (http://www.youtube.com/watch?v=Yu_moia-oVI)

[Stanley Burrell]

Transfats.

[diethx]

Oh Boy! Oberto

[Sean of the Thread]

Dar.

That is all.

Nah Dar only causes 6 wipes running people through wailing caverns.


I blame Willie Nelson.

[ViridianAsp]

Nah Dar only causes 6 wipes running people through wailing caverns.


I blame Willie Nelson.

WHAT?! No way, it is clearly that bitch Clay Aiken, he should have never reproduced.

[Audriana]

http://media.ebaumsworld.com/picture/acdcrocks1973/MANBEARPIG.png

[Warriorbird]

http://www.cyberlawcentral.com/wp-content/uploads/2007/01/Gnomes.jpg

[Tsa`ah]

I'm going to have to say, with some sincerity, Franklin Pierce.

[Gan]

Richard Rahn says its those crazy left winged liberals.

http://www.washingtontimes.com/news/2008/oct/01/lies-or-ignorance/

[Jorddyn]

Notme

http://healthcare.zdnet.com/images/not-me.jpg

[Warriorbird]

http://www.workmens.com/images/products/278.jpg

http://www.roomnine.com/123/wu_tang_financial.jpg

[Stanley Burrell]

http://www.contagiousgraphics.com/shopPics/ANewArtDept/StrongBadLarge1.jpg

[Stanley Burrell]

Oh wait.

http://tecfa.unige.ch/~nova/img/all_your_base.jpg

^