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View Full Version : Who is to blame?



Zera
10-05-2008, 03:30 PM
I'm sort of confused here. Who is more to blame here, the ones who got these mortgages knowing they couldn't afford them, or the ones who allowed them to buy them?
noxagol
10-05-2008, 03:31 PM
I'm sort of confused here. Who is more to blame here, the ones who got these mortgages knowing they couldn't afford them, or the ones who allowed them to buy them?

The government forcing banks to give them out.
forsmant
10-05-2008, 03:32 PM
Both are to blame in the agreement you mention. This did not cause the mess we are in, fractional reserve lending and government intervention did.
surf
10-05-2008, 03:35 PM
it's the Fed, first and formeost, manipulating interest rates and flooding the market with cash that was looking for a home at a greater yield than 1%... hey, "guaranteed MBS at a yield of 4%...."
Kludge
10-05-2008, 03:36 PM
Don't worry. It's okay to blame everyone.

Government - http://www.cato.org/pub_display.php?pub_id=9635

Voters - Voted for inept representatives.

Non-Voters - Let inept voters vote in inept representatives.

Borrowers - Inept at handling their finances.

Lenders - Inept at handling their finances.

Us - Didn't do enough.
RockEnds
10-05-2008, 03:40 PM
Don't worry. It's okay to blame everyone.

Government - http://www.cato.org/pub_display.php?pub_id=9635

Voters - Voted for inept representatives.

Non-Voters - Let inept voters vote in inept representatives.

Borrowers - Inept at handling their finances.

Lenders - Inept at handling their finances.

Us - Didn't do enough.

That about sums it up.
Zera
10-05-2008, 03:46 PM
Don't blame yourselves... We did plenty, people didn't want to listen.
jcarcinogen
10-05-2008, 04:20 PM
Overbuilding and overvaluing the houses also played a part.
SeanEdwards
10-05-2008, 04:36 PM
I think there may not be one single reason for every foreclosure. In some cases, buyers were probably irresponsible and took on more risk than was prudent. In other cases, deceptive mortgage brokers may have used fraud to dupe buyers into buying more than they could afford. The entire system of mortgage insurance and government interference in the market deserves blame too.
awake
10-05-2008, 05:32 PM
Blame your central banking system.... that would be a slight grazing of the issue.
Ozwest
10-05-2008, 05:41 PM
Eight years of a enabling mafia government.

They stole your hard - earned.

And...

They are leaving in style.
max
10-05-2008, 05:43 PM
mortgages...credit swaps..wall street schemes are SYMTOMS of the disease...

the root cause is the fed's flooding of the system with cred/currency....this causes the malinvestment bubbles...in the 20's, the fed bubble manifested in stocks....today, it was real estate