Will: In the game of politics, there is an unsatiable need to assign blame. Up until now, you have tried to point out that in any complicated problem, there is rarely, if ever, a simplistic mono-causal explanation...that ussually there are a confluence of multiple factors, where taken indivually, these conponents do not offer a fully suitable explanation...Knowing you I'd say you don't have a specific axe to grind, but even if your analysis is correct, both sides of the political spectrum will somehow use it to maintain a specific philosophical viewpoint. In other "sciences", an analysis like this would stimulate a search for solutions, a re-evaluation or perhaps a paradigm shift. I would only add that if it could be proven that these guys knowingly engineered a meltdown and personally profited from it, they oughta be strung up...Peace.
Will: I'd be interested to see who the rest of you blame.
The guys you mention, plus George W. bush. A 12/21/2008 NYT article says, "Bush drive for home ownership fueled housing bubble". According to the article, "the story of [the housing bubble] is partly one of Bush's own making... From his earliest days in office Bush... pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards".
[Also] "...the regulator Bush chose to oversee [F&F] - an old school buddy - pronounced the companies sound even as they headed toward insolvency".
Gentlemen, I agree that there are a lot of culprits here; Angelo Mozilo, Christopher Cox, Franklin Raines, Jim Johnson, Phil Graham, Ian McCarthy, Bush, Clinton, basically every member of the House of Representatives, etc.. But I still maintain that, while we may have had a downward trend in housing anyway, if it wasn't for the reckless policies of the FED, it wouldn't have been anywhere near as bad it became. That's my story and I'm (more or less) sticking to it.
These are the four clowns that I blame for the financial collapse. I'd be interested to see who the rest of you blame.
And to think, one of them certainly should have known better. Guess he didn't listen to objective reasoning after all.
ReplyDeleteAnother thing... that guy at the bottom looks possessed. Perhaps he's in need of a exorcism.
ReplyDeleteWill: In the game of politics, there is an unsatiable need to assign blame. Up until now, you have tried to point out that in any complicated problem, there is rarely, if ever, a simplistic mono-causal explanation...that ussually there are a confluence of multiple factors, where taken indivually, these conponents do not offer a fully suitable explanation...Knowing you I'd say you don't have a specific axe to grind, but even if your analysis is correct, both sides of the political spectrum will somehow use it to maintain a specific philosophical viewpoint. In other "sciences", an analysis like this would stimulate a search for solutions, a re-evaluation or perhaps a paradigm shift. I would only add that if it could be proven that these guys knowingly engineered a meltdown and personally profited from it, they oughta be strung up...Peace.
ReplyDeleteWill: I'd be interested to see who the rest of you blame.
ReplyDeleteThe guys you mention, plus George W. bush. A 12/21/2008 NYT article says, "Bush drive for home ownership fueled housing bubble". According to the article, "the story of [the housing bubble] is partly one of Bush's own making... From his earliest days in office Bush... pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards".
[Also] "...the regulator Bush chose to oversee [F&F] - an old school buddy - pronounced the companies sound even as they headed toward insolvency".
Gentlemen, I agree that there are a lot of culprits here; Angelo Mozilo, Christopher Cox, Franklin Raines, Jim Johnson, Phil Graham, Ian McCarthy, Bush, Clinton, basically every member of the House of Representatives, etc.. But I still maintain that, while we may have had a downward trend in housing anyway, if it wasn't for the reckless policies of the FED, it wouldn't have been anywhere near as bad it became. That's my story and I'm (more or less) sticking to it.
ReplyDeleteWhere's Barnie Frank?
ReplyDeleteMr. Frank clearly has some 'splainin' to do, too, HR - no doubt about it.
ReplyDeleteHow in hell,and why are Geithner and Bernanke still to this day controlling the countrys economy?
ReplyDeleteIf this was Singapore or China those two would be in jail.
That Bear Stearns bailout sounds especially nonkosher. One loophole piled upon another.
ReplyDelete