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The culprit behind the global financial crisis is

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56Chevy Member Level  Monday, 12/26/11 06:55:52 PM
Re: fourkids_9pets post# 26
Post # of 64 
The culprit behind the global financial crisis is excess consumption, funded by debt.

Before we condemn the banks we need to consider what was going on in 2009 re: TARP and political pressure to force banks to make liar loans available years before the crisis.

http://articles.businessinsider.com/2009-05-13/wall_street/29994241_1_scribd-bank-documents

Although I do not suggest the banks should get out of jail free card I do think there were forces that put them (and the country) in a vulnerable spot outside of their control. If you want to find out why the creek is muddy...go upstream. A huge portion of the mud came from Washington DC in the 90's.

Do borrowers of money bear any responsibility ?






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