Re: Ask a Super Genius - The Financial Crisis - (Part 1)

: Ask a Super Genius - The Financial Crisis

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[Judep22]

Lord Turner - The head of the FSA himself admitted that they (the FSA) (created by Gordon Bennett in 1997 - when he personally removed responsibility for overseeing banks from the Bank of England to the FSA) had failed to recognise that by 2004 the banking system was developing in a way that created a 'large systemic risk'.

'We did not focus enough on that systemic risk failure.'

The mess was created by Gordon Brown appointing his Scottish cronies ennobled as lords to oversea his piggy bank!

[shilogr]

I do put some blame on the banks. Too many kids have gone in deep debt with credit cards they should never have had. But come on! NO BANK or realtor MADE you take that home loan nor live beyond your means. THAT WAS YOUR CHOICE! People need to be responsible for their actions. And the democrats who pushed the subprime loans are at fault, too. If people don't have enough sense to know they couldn't pay for the house they bought, the banks should have known not to lend to bad prospects. Wake up!

[djmmcee]

Sure, do not create "no dispute." Create proper Eniglsh. LOL

[djmmcee]

Well, loan money to people who cannot pay it back, money will not be paid back, thus money will be lost. DUH

[legit9]

Hey fool it was Obama that was forcing banks give these loans ... google ' Obama sues Citibank. Obama & Acorn so don't give me the Bush crap

[roodingle]

Democrats are largely part of the reason for our failing economy, yet they can only point the finger at someone else. Please watch the video 'burning down the house: what caused our economic crisis' and 'shocking video revealing democrats in their own words covering up the fannie mae freddi mac scam'.

[roodingle]

I'm not saying that the republicans don't have some responsibility in the whole financial mess but, come on, the left wing media has intentionally got their head in the sand. There are tons of video clips with democrats shooting down regulation of Freddi and Fannie, WHY do they NEVER show this on MSN or CNN???

[ITILII]

so was Mc Cain, they are both bought and paid for by the people with the REAL power and money, the majority of the politicians are just their puppets

[12235117657598502586]

Oh, I get it! It's about getting votes from poorer folks? Deregulate the banks knowing those GREEDY BANKS WILL GIVE HOME LOANS TO ANYONE (even to poor folks they knew couldnt pay back)!

It worked for a while, poor folks were happy they now had a piece of the American Dream; to be a home owner and greedy banks didn't have government watching them anymore!

BUT what I don't get is WHY DID BUSH LET THIS CONTINUE, WHEN HE WAS ADVISED THAT THIS WOULD ALL END IN TEARS?

[northwestmusings]

Hate to tell you this, however, Fannie Mae & Freddie Mac don't make loans, they buy them in bundles from Lending Institutions that make the loans.