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Jockamo

What caused the financial crisis?

Hi QnA, I'm back =)
Looking4answers:

The financial crisis was the inevitable result of an unrestrained, unchecked capitalistic economic system left alone to tear itself apart with ever increasing wild fluctuations combined with an unprecedented push by banks to draw consumers into risky, high interest loans.

BLUE CAFE:

Great summary!

Jockamo:

Indeed :)

BLUE CAFE:

A three trillion dollar debt caused by the War in Iraq which led to the current credit crunch because the US central bank responded to the massive financial drain of the war by flooding the American economy with cheap credit.
http://www.theaustralian.news.com.au/story/0,25197,23286149-2703,00.ht​ml

Jockamo:

Good to see you my friend, and thank you for your answer.
Did you watch Zeitgeist Addendum?

BLUE CAFE:

Of course i did. You gotta get your reality check from somewhere. ;)

Nice to see you back.

Ginger:

The financial crisis was caused by irresponsible financial practices by those who profited by their unethical means. It was a free market that was allowed to run amuck.

Pointing finger at political parties is a bunch of BS. The government, in its entirety, failed their responsibility to the people.

Jockamo:

Great answer, thanks ginger :)

Nat*lee 24/7:

You've got my vote, BOTH the DEMs and the REPs! I want a bulldog after them BOTH!

BLUE CAFE:

Pointing finger at political parties is a bunch of BS
Great point there Ginger.

Troutshoe:

Liberal programs run amuck ,and trying to change the economic laws Clinton was evil incarnate let loose on America. He personally was responsible for today's mess. The war has nothing to do with it ,read a book ,find ways to educate yourself ,get some help.

Jockamo:

The last part of your answer was unnecessary.

BLUE CAFE:

The last Fed chairman & the previous world Bank vice Pres both disagree with you.
The War:
http://www.theaustralian.news.com.au/story/0,25197,23286149-2703,00.ht​ml
Deregulation
http://online.wsj.com/article/SB122476545437862295.html

Read a book, educate yourself, don't just use your dumba$$ political bent to rule your mind & make excuses for your failed ideologies. Grogan

Troutshoe:

Perhaps.

Ginger:

BULL!

Looking4answers:

Lol, owned.

Jockamo:

hehe :P

Boulla:

THE DEMOCRATS

Jockamo:

Bwahahahaha.

BLUE CAFE:

Think outta the box for just a moment.

THE DEMOCRATS DID IT!!!!

Boulla:

I was A democrat for 26 years now am a independent, voting for the more experioenced one- that did look @ both parties not the one that wont allow all of his information to be seen what is he hiding?

Glenda:

All of them, the Republicans and Democrats letting big companies get away w/ anything they wanted to before it was too late and then bailing them out after they did, no control of Govt. spending on both parties until they were forced to do something by the financial crisis. Don't think it's over yet, it will get worse before it gets better.The bail out was necessary as the less of 2 evils, the letting the CEO's of the companies walk with our taxpayer money, should have been done different, they need to be reprimanded and made to return the money to the people it belongs to, the citizens of the USA.

Ginger:

Taking the money back from the CEO's is easier said than done. If I earn money by illegal means, it can be taken away from me. If I earn money by unethical means, it is still mine.


The money that the CEO's walked away with came from the company's assets. It did not come from the bailout money.

Glenda:

Right , which was our taxpayer money thst supported those assets, & yes i know its easier said, i agree, but they were not even chastised & went out in our faces and threw it back in our face,, of blowing it at spas & etc. It wasn't right,

John:

spending more than we make, that goes across the board seems everybody did this from the poor to the rich.

BLUE CAFE:

Particularly the 'War' sector.

Jockamo:

Indeed.

John:

Ant , I agree with you , we were and are spending like there is no tomorrow, and there may not be if we keep spending like this. I think goverment and everybody else needs to put a freeze on spending till it's under control.

BLUE CAFE:

Alabama, Thanks. It's completely nuts at the moment. Every single policy is almost designed to weaken the US. From the crazy War spending to radical deregulation to churning out greenbacks at the Fed Reserve. It's really dangerous. We must go back to a balanced system & a purely defensive foreign policy & as you point out, create an environment that does not promote credit spending & promotes some form of Saving. Phew. Can't see all that hapening tho'...

Dave:

De regulation which allowed lending institutions to sell mortgages backed up by paper warranties that were themselves NOT backed up by anything.

In other words, without supervision, lending company loans to questionable individuals based on rising housing prices and the knowledge that they will sell on the mortgage (a common practice) warranting to the buy that they would not lose money by a paper warranty not supported by any cash or real goods. So about 5 to 6% of all mortgages were passed off between lenders this way backed by worthless paper.

Keep in mind, the lenders themselves knew this was happening. They were gambling that they wouldn't be stuck with a bad mortgage, that they could sell it on before the lessee defaulted.

They lost. We paid.

Uneducated will shout Democrats! Or Giving loans to those of questionable credit but the loans could be issued only because the game let them recoup their money... until! Regulation and supervision could have prevented this easily.

Troutshoe:

Clinton said,make it happen (getting these people loans).Than he excused himself , and went to have pizza with an intern.

Lyllyan:

In my opinion it started years ago when they started deregulating and it got increasing worse until the bubble finally burst.

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