John Cassidy: Explaining the Financial Crisis

The financial meltdown, according to Cassidy, was not just the result of bad governance and corporate greed. Instead, he says, it was market failure writ large.

This Carnegie Council event took place on December 2, 2009. For complete video, audio, and transcript, go to: http://www.cceia.org

Category:

News & Politics

Tags:

• John Cassidy
• market failure
• financial crisis
• greed
• Wall Street
• government
• Adam Smith
• Bernie Madoff
• free market

[ReliableInsider]

I think what actually happened was that there was a complete breakdown of loyalty and ethics.

Mortgage brokers stopped feeling any moral obligation toward borrowers and stopped caring whether they were destroying people's lives with the mortgages they were writing.

And they stopped caring about the banks they worked for. They had no loyalty toward their employers and didn't care whether their employer went bankrupt.

As a result, everybody lost.

And the world economy was destroyed.

[freedomfighterone]

There is no free market. The whole financial system is corrupt and controlled by an oligarchy (Rothschilds and criminal friends). They intentionally imploded their own banking system and forced the bootlicking slave governments of the West to bail them out with taxpayers money. The biggest robbery in the history of humanity just occurred and no one was arrested.

[simple0981]

I agree with the mass stupidity. How you define that could just be human error and trying to justify one's own greed and motivations in the face of mass hysteria and yes stupid peer pressure bc no one on wall street wants to be the black sheep and betray the "brotherhood" of greed.