I saw a discussion on this topic on one of the finance website and am interested in fellow AFers’ opinions. Although you can name your own, I have a few serious candidates here: 1) Bush 2) Greenspan 3) Rating Agencies 4) Mortgage originators I pick Bush for his inadequate tax policy and costly decision for starting the unjustifiable war that cost us trillions.
All four and others like investors (mostly pension funds) with lots of money seeking high-yield securities. How could you have missed Mortgage brokers? The bad ones who did not even check the documents, income tax returns, etc, should be whipped and flogged. And home buyers with bad intention and bought home knowing that they can not afford. Again, how could miss the investment banks/bankers who created the securities and “forced” rating agencies to rate the junk as investment grade. Disclaimer: one of my current class covered this in detail and mentioned these.
CFAi could be partially contributing. Several weeks after the test, Starbucks announced it was closing 500+ stores, coincidence…I think not.
yoko ono
I blame Roger Clemens. He is the root of all evil.
More Cowbell Wrote: ------------------------------------------------------- > I blame Roger Clemens. He is the root of all > evil. but Michael Phelps can save it- he is THAT increadible.
My thread is dead prematurely!
Mr. Sarbanes and Mr. Oxley?
more seriously- I do think that there need to be a … 5. Media and general fear mongering to a trigger happy and short-sighted public.
you know, i’m pretty sure its just been a downward spiral since micheal jackson moved to dubai
Bush.
you can’t, joey, just can’t.
Housing/Credit 1) People using their home as ATMs and spending every last penny possible 2) Banks giving loans to anyone who can sign their name 3) Investment firms who bought up securities backed by loans to people who use their homes as ATMs originated by banks that only require the borrower be able to sign their names. Oil/energy/food 1) we forgot about the 70s 2) we are entirely too dependent on foreign energy, we had 30 years to improve this, we didn’t 3) OPEC and other oil producers realize this, why not have $150 oil until real demand destruction sets in? 4) There is plenty of oil in the world, its just getting harder to reach. Drilling 10 miles under the ocean isn’t exactly the same as drilling a hole in west Texas. 5) Politicians who decide its better to “solve” the problem buy burning food in gas tanks and placing a tariff on imported fuels rather than accepting blame gross negligence with respect to 30 years of energy policy 6) Gov’t fiscal responsibility worse then the stupid people that use their homes as ATMs…short on cash? Just print more!
The Federal Reserve FTW
whats wrong with going thru a recession?. for a capitalist system, we whine too much when there is a downturn . excesses of the ultra-easy monetary policies will have to be purged to return back to normalcy.
Gordon Brown. He proclaimed himself responsible for “the end to boom and bust”, “the longest sustained period economic growth in history” and even better the “lowest mortgage rates in a generation” - after the Bank of England had been granted independence. It’s only fair that he accepts responsibility for the flipside.
I agree, Gordon Brown
I would be fine with blaming the English for any American problem but, honestly, how can Gordon Brown be responsible for the collapse of the US economy which then smacked the rest of the world? The Empire is gone, God Save the Queen, but you are a little island of only marginal importance.
Definitely not the English folks. We should blame the Chinese and Russian for sure. Many of us have gotten into the habit for blaming someone else for our own problems. Lousy politicians have made great contribution to the issue we have today. Still remember some local politicians pressured the banks to lend money to sub prime borrowers. If their demand were not to be met, they would threaten to boycott the banks. Now that sh*t hits the fence, the very same group of people start pointing finger to banks for the lapse of lending practice. What a shame!
You know, how did the thread get this far without anyone thinking to blame Canada? I think they’re the obvious culprits here with their igloos and flying squirrels.