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2009-02-13 Home Front Economy
25 People to Blame for the Financial Crisis
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Posted by GolfBravoUSMC 2009-02-13 03:04|| || Front Page|| [10325 views ]  Top

#1 Predictably - they left off the cabal of Democrats in congress who forced banks to make risky sub-prime loans through the passage of the Community Reinvestment Act. They make only an oblique reference to Bill Clinton for this. Barney Frank and his butt-buddy at Fanny Mae, Herb Moses who engineering "affordable" loans are not mentioned. Oh and Chris Dodd is left out too.
Posted by WTF 2009-02-13 03:26||   2009-02-13 03:26|| Front Page Top

#2 Well, I guess they got their scapegoats now.
Posted by gorb 2009-02-13 03:59||   2009-02-13 03:59|| Front Page Top

#3 I understand some thought they were not fond of Lincoln.
Posted by Besoeker 2009-02-13 07:16||   2009-02-13 07:16|| Front Page Top

#4 Let me guess---most of them Jewish?
Posted by g(r)omgoru 2009-02-13 08:16||   2009-02-13 08:16|| Front Page Top

#5 Lets not forget one who actually sued Citibank to force them to make bad loans.

Who? Why none other then The Holy One - Barack Obama.
Posted by CrazyFool 2009-02-13 08:16||   2009-02-13 08:16|| Front Page Top

#6 Notice that Bush is only 16th and that despite Time's readers having an above rate of BDS.
Posted by JFM">JFM  2009-02-13 08:28||   2009-02-13 08:28|| Front Page Top

#7 Let's not ignore the hundreds of thousands of loan takers who knew they didn't have the means to pay for someone else's property they took on a contract they knew they could not/would not honor.
Posted by Procopius2k 2009-02-13 08:49||   2009-02-13 08:49|| Front Page Top

#8 Although as an overspending consumer, I am guilty, but blaming consumer spending, when that was the economic solution touted after 9-11 and by the Dems today, struck me as odd for Time.
Posted by Thealing Borgia 122 2009-02-13 10:10||   2009-02-13 10:10|| Front Page Top

#9 It was a con job on several levels. Some big developers in the Atlanta area were targeting obviously unqualified or marginally qualified buyers, doing the finance and construction, then immediately selling the loans to Fannie and Freddie.
Posted by Besoeker 2009-02-13 10:23||   2009-02-13 10:23|| Front Page Top

#10 I have a son in the RE game and as he has explained to me the main problems with sub-prime loans weren't the really poor folk. Yes they were a small part of it but their biggest contribution was in affording the real crooks a moral footing. The requirements for sub prime lending fostered by Barney and the boys were taken full advantage of by every shyster, weasel and crook around. (See Besoeker's Atlanta example).

This was the impetus for every two-bit yuppie that thought his sociology degree and $40,000 a year job was enough to buy a $600k house and there were all the contractors, bankers et al were more than happy to puff it up.

Then the Wall Street sleaze took over with their AAA rated tranches.

Buh bye.
Posted by AlanC 2009-02-13 10:45||   2009-02-13 10:45|| Front Page Top

#11 Where is: Jamie Gorelick, Barney Frank, Chris Dodd...etc. etc.?
Posted by Julet the Anonymous5644 2009-02-13 13:46||   2009-02-13 13:46|| Front Page Top

#12 The loans were one thing, but it was the derivatives of those loans that are the real pickle. I heard yesterday that the total derivative obligation exceeds the GNP of the entire world. That is criminal.
Posted by remoteman 2009-02-13 14:34||   2009-02-13 14:34|| Front Page Top

#13 to #4, they most certainly were not mostly jewish. damn skippy my jewish grandparents who are turning in their grave right now would have kicked the lot of these con artists to the curb and told them to get real jobs besides ripping off fellow americans.
Posted by haveanoodle55 2009-02-13 15:43||   2009-02-13 15:43|| Front Page Top

#14 The real cause...

to increase credit, lower bank reserves.

Posted by Bright Pebbles the flatulent 2009-02-13 16:25||   2009-02-13 16:25|| Front Page Top

#15 I heard yesterday that the total derivative obligation exceeds the GNP of the entire world. That is criminal.

What is criminal is that so many people bought these things without asking elementary questions.

Talk about the madness of crowds.

On second thoughts. What is criminal, is bailing out the idiots who bought this stuff. And those who did so on behalf of others should be fired and then sued.
Posted by phil_b 2009-02-13 17:18||   2009-02-13 17:18|| Front Page Top

#16 Photobucket
Posted by Mike N. 2009-02-13 19:51||   2009-02-13 19:51|| Front Page Top

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